WALTHAM, Mass. (AP) — ImmunoGen Inc. (IMGN) on Friday reported a loss of $17.3 million in its first quarter.
The Waltham, Massachusetts-based company said it had a loss of 20 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 36 cents per share.
The drug developer posted revenue of $28.7 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $17.7 million.
ImmunoGen expects full-year revenue in the range of $70 million to $75 million.
The company’s shares closed at $4.11. A year ago, they were trading at $6.17.