ImmunoGen (IMGN) Investors Cheer Lilly Deal Despite Expected Larger FY Loss
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Price: $31.25 --0%
Financial Fact:
Other (expense) income, net: 129K
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Other (expense) income, net: 129K
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Shares of ImmunoGen (Nasdaq: IMGN) are up 3 percent Tuesday morning despite an earlier SEC filing which disclosed a change to the timing of revenue recognition associated with an antibody-drug conjugate pact with Eli Lilly (NYSE: LLY) and the resulting guidance revision. The company also cited higher stock compensation and higher expenses related to ImmunoGen's proprietary pipeline.
The company said its FY12 net loss will now be in the range of $78-$82 million, wider than a previously-announced loss of $60-$64 million. ImmunoGen said its net cash used in operations will now be in the range of $40-$45 million. Cash and marketable securities are now expected to total $145-$150 million.
The company said its FY12 net loss will now be in the range of $78-$82 million, wider than a previously-announced loss of $60-$64 million. ImmunoGen said its net cash used in operations will now be in the range of $40-$45 million. Cash and marketable securities are now expected to total $145-$150 million.
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