Endocyte, Inc. incurred a loss of 27 cents per share in third-quarter 2017 narrower than the Zacks Consensus Estimate of a loss of 35 cents. However, the figure came in wider than the year-ago loss of 21 cents. The loss has been adjusted to exclude an upfront payment of $12 million to ABX GmbH.
In September, the company acquired exclusive worldwide rights to develop and commercialize PSMA-617 including the product candidate known as 177Lu-PSMA-617 from ABX GmbH. 177Lu-PSMA-617 is a first-in-class radiolig and therapeutic (RLT) that targets prostate-specific membrane antigen (PSMA). In the first half of 2018, Endocyteexpects to initiate phase III study for the same.
Including $16.5 million of acquired in-process research and development expenses related to this transaction, the loss per share came in at 55 cents.
Meanwhile, collaboration revenues remained flat at $0.03 million in the quarter under review .
So far this year, Endocyte’s share price has increased 89.8%, outperforming the industry’s 2.4% growth.
Quarterly Details
Research and development (R&D) expenses declined 46.3% year over year to $4.1 million mainly due to severance for workforce reduction as part of the company’s restructuring plan, lower trial and manufacturing costs for EC1456, lower pre-clinical general research costs and a decrease in manufacturing expense for EC1169.
General and administrative expenses were almost flat year over year at $3.0 million as higher legal and professional costs were offset by lower stock compensation expense due to employee terminations.
Pipeline Update
Endocyte’sCAR T-Cell program is on schedule to initiate clinical trial in Osteosarcoma in 2018.In addition,, it expects to present updated results from anon-randomized study of 177Lu-PSMA-617 in prostate cancer patients in the same year.
2017 Outlook
Endocyteanticipates its cash, cash equivalents and investments balance to be above $90 million at the end of 2017.
Zacks Rank & Stock to Consider
Endocyte carries a Zacks Rank #3 (Hold). Some better-ranked health care stocks in the same space include Ligand Pharmaceuticals Incorporated (LGND - Free Report) , Agenus Inc. (AGEN - Free Report) and Adaptimmune Therapeutics plc . While Ligand sports a Zacks Rank #1 (Strong Buy), Agenus and Adaptimmune carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Ligand’s earnings per share estimates have moved up $3.68 to $3.70 for 2018 over the last 30 days. The company pulled off positive earnings surprises in two of the trailing four quarters, with an average beat of 6.19%. The share price of the company has increased 44.6% year to date.
Agenus’ loss per share estimates have narrowed from $1.40 to $1.36 for 2018 over the last 30 days. The company delivered positive earnings surprises in three of the trailing four quarters, with an average beat of 4.27%.
Adaptimmune’s loss per share estimates have narrowed from 96 cents to 82 cents for 2017 and from 90 cents to 76 cents for 2018 over the last 60 days. The company came up with positive earnings surprises in two of the trailing four quarters, with an average beat of 24.79%. The share price of the company has increased 108.4% year to date.
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Endocyte, Inc. incurred a loss of 27 cents per share in third-quarter 2017 narrower than the Zacks Consensus Estimate of a loss of 35 cents. However, the figure came in wider than the year-ago loss of 21 cents. The loss has been adjusted to exclude an upfront payment of $12 million to ABX GmbH.
In September, the company acquired exclusive worldwide rights to develop and commercialize PSMA-617 including the product candidate known as 177Lu-PSMA-617 from ABX GmbH. 177Lu-PSMA-617 is a first-in-class radiolig and therapeutic (RLT) that targets prostate-specific membrane antigen (PSMA). In the first half of 2018, Endocyteexpects to initiate phase III study for the same.
Including $16.5 million of acquired in-process research and development expenses related to this transaction, the loss per share came in at 55 cents.
Meanwhile, collaboration revenues remained flat at $0.03 million in the quarter under review .
So far this year, Endocyte’s share price has increased 89.8%, outperforming the industry’s 2.4% growth.
Quarterly Details
Research and development (R&D) expenses declined 46.3% year over year to $4.1 million mainly due to severance for workforce reduction as part of the company’s restructuring plan, lower trial and manufacturing costs for EC1456, lower pre-clinical general research costs and a decrease in manufacturing expense for EC1169.
General and administrative expenses were almost flat year over year at $3.0 million as higher legal and professional costs were offset by lower stock compensation expense due to employee terminations.
Pipeline Update
Endocyte’sCAR T-Cell program is on schedule to initiate clinical trial in Osteosarcoma in 2018.In addition,, it expects to present updated results from anon-randomized study of 177Lu-PSMA-617 in prostate cancer patients in the same year.
2017 Outlook
Endocyteanticipates its cash, cash equivalents and investments balance to be above $90 million at the end of 2017.
Zacks Rank & Stock to Consider
Endocyte carries a Zacks Rank #3 (Hold). Some better-ranked health care stocks in the same space include Ligand Pharmaceuticals Incorporated (LGND - Free Report) , Agenus Inc. (AGEN - Free Report) and Adaptimmune Therapeutics plc . While Ligand sports a Zacks Rank #1 (Strong Buy), Agenus and Adaptimmune carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Ligand’s earnings per share estimates have moved up $3.68 to $3.70 for 2018 over the last 30 days. The company pulled off positive earnings surprises in two of the trailing four quarters, with an average beat of 6.19%. The share price of the company has increased 44.6% year to date.
Agenus’ loss per share estimates have narrowed from $1.40 to $1.36 for 2018 over the last 30 days. The company delivered positive earnings surprises in three of the trailing four quarters, with an average beat of 4.27%.
Adaptimmune’s loss per share estimates have narrowed from 96 cents to 82 cents for 2017 and from 90 cents to 76 cents for 2018 over the last 60 days. The company came up with positive earnings surprises in two of the trailing four quarters, with an average beat of 24.79%. The share price of the company has increased 108.4% year to date.
Zacks' Hidden Trades
While we share many recommendations and ideas with the public, certain moves are hidden from everyone but selected members of our portfolio services. Would you like to peek behind the curtain today and view them?
Starting now, for the next month, I invite you to follow all Zacks' private buys and sells in real time from value to momentum...from stocks under $10 to ETF to option movers...from insider trades to companies that are about to report positive earnings surprises (we've called them with 80%+ accuracy). You can even look inside portfolios so exclusive that they are normally closed to new investors.
Click here for Zacks' secret trade>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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