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ImmunoGen: 3Q Earnings Snapshot

ImmunoGen: 3Q Earnings Snapshot

Associated Press

WALTHAM, Mass. (AP) _ ImmunoGen Inc. (IMGN) on Friday reported a loss of $46.8 million in its third quarter.

The Waltham, Massachusetts-based company said it had a loss of 32 cents per share. Losses, adjusted for restructuring costs, came to 31 cents per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 34 cents per share.

The drug developer posted revenue of $10.9 million in the period, falling short of Street forecasts. Six analysts surveyed by Zacks expected $11.9 million.

ImmunoGen expects full-year revenue in the range of $50 million to $55 million.

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ImmunoGen shares have declined slightly more than 7 percent since the beginning of the year. The stock has increased 17 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IMGN at https://www.zacks.com/ap/IMGN