ImmunoGen gains on 4Q14 earnings
ImmunoGen Inc. (NASDAQ:IMGN) rose $1.43 (23%) to $7.63 on Friday after reporting 4Q14 earnings that beat analysts' estimates. The company has yet to regain ground lost in mid-December after Roche (SIX:ROG; OTCQX:RHHBY) reported disappointing data from a Phase III trial of breast cancer drug Kadcyla ado-trastuzumab emtansine, an antibody-drug conjugate of a humanized mAb against HER2 linked to ImmunoGen's DM1 cytotoxic agent (see BioCentury, Dec. 22, 2014).
ImmunoGen reported 4Q14 revenues of $48.3 million, up from $30.1 million in 4Q13 and above the Street's estimate of $37.1 million. Most came from licensing fees and milestone payments, including $41.4 million from partners Novartis AG (NYSE:NVS; SIX:NOVN) and Eli Lilly and Co. (NYSE:LLY). In 4Q13, the company received $25.7 million from license fees and milestones. ...