ImmunoGen, Inc. (NASDAQ: IMGN) is having yet another strong start to the trading session in the pre-market hours this morning after reporting earnings and providing a corporate progress report so to speak. Of course, earnings were provided in positive light and the upcoming catalysts proved to be another source of excitement. Today, we’ll talk about:
- The report;
- what we’re seeing from IMGN as a result; and
- what we’ll be watching for with regard to the stock ahead.
IMGN Reports Earnings
As mentioned above, ImmunoGen is having an incredibly strong start to the trading session this morning, following up on the gains that we saw yesterday. Today’s gains have to do with the company’s Q3 report. Here’s what we saw from the report:
- Revenue – Revenue proved to be a big hit for IMGN, with $10.9 million being reported in Q3. That figure was up from $8.5 million from Q2. It’s also worth mentioning that $8.4 million in revenue had to do with non-cash royalty revenues, which climbed sharply year over year from $6.5 million.
- Losses – During the third quarter, IMGN generated a net loss of $46.8 million, working out to $0.32 per diluted share. That compares well to the $56.7 million lost or $0.61 per share in the same quarter last year.
Along with the earnings report, the company reminded investors of key catalysts that are coming down the line. These include:
- Two oral presentations that will be taking place at the 2018 American Society of Hematology Annual meeting.
- The completion of enrollment in the FORWARD II cohort assessing a triplet combination of mirvetuximab plus carboplatin and AVASTIN in patients with recurrent platinum-sensitive ovarian cancer.
- Initiate a new expansion cohort in the FORWARD II study.
- Top line results for the FORWARD I trial, expected in the first half of 2019.
In a statement, Mark Enyedy, President and CEO at IMGN, had the following to offer:
With the completion of enrollment in FORWARD I, we have initiated the activities required to support a BLA filing and launch mirvetuximab soravtansine in ovarian cancer. Over the last three months, we have completed the product validation runs for drug substance, put in place operational metrics and resources to ensure timely assessment of the primary endpoint for the study, and moved ahead with pre-launch commercial planning… In parallel, we continued to execute across the remainder of the business, including presentation of initial data from the FORWARD II KEYTRUDA combination at ESMO, accelerating accrual in the FORWARD II triplet cohort, and advancing our next ADC into preclinical development in collaboration with MacroGenics. Looking ahead to the fourth quarter and the coming year, with a strong cash runway, we are well-positioned to deliver on our strategic priorities and look forward to oral presentations for our novel IGN assets, IMGN779 and IMGN632, at ASH in December and to announcing top-line results from FORWARD I during the first half of 2019.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. In the case of ImmunoGen, the news proved to be positive. After all, the financial results from Q3 show strong growth both year over year and quarter over quarter. On top of that, the company outlined plenty of catalysts for investors to look forward to. So, it comes as no surprise that excited investors are pushing the stock on a run for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:22), IMGN is trading at $6.30 per share after a gain of $0.36 per share or 6.06% thus far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on IMGN. In particular, we’re interested in following the story surrounding the company’s continued work to fight cancer. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!