Shares of Immunogen (IMGN -2.4%) slip today after its FQ2 loss comes in wider than the analyst...

|By:, SA News Editor

Shares of Immunogen (IMGN -2.4%) slip today after its FQ2 loss comes in wider than the analyst consensus. Revenue fell 65% Y/Y on an absence of milestone payments, while higher R&D costs hurt its bottom line. The company attributes the higher expenses to greater investment in advancing its wholly owned product candidates, increased clinical trial costs, and increased personnel expenses. The biotech firm maintained its FY13 guidance, calling for a net loss of $70M to $74M.