Intrexon Corporation (XON - Free Report) announced preliminary second-quarter 2018 results.
The company expects to incur basic loss of 17 cents per share (excluding non cash expenses). The Zacks Consensus Estimate stands at a loss of 23 cents.
Year to date, the stock has gained 33.6%, compared with the industry’s gain of 17.4%.
Recent Business Highlights
Intrexon’s sales primarily consist of collaboration and licensing revenues as well as product and service revenues.
Intrexon follows a business model under which the company commercializes its technologies through exclusive channel collaborations (ECC), licensing agreements and joint ventures that have market and product development expertise as well as sales and marketing capabilities to bring new and improved products and processes to the market. Such agreements provide the company with funds in the form of technology access fees along with milestones and other payments.
The company expects revenues for the quarter to be $45.3 million. The Zacks Consensus Estimate for revenues is $53 million.
The company is not announcing final financial results for the quarter ended Jun 30, 2018and is delaying the filing of its quarterly report on Form 10-Q. The delay in filing the second quarter report is related to the company's application of certain aspects of ASC 606 in the company's first quarter Form 10-Q.
Meanwhile, the company is developing several candidates in partnership with other companies.
Intrexon structured its principal healthcare assets into two separate wholly-owned subsidiaries- Precigen, Inc., a gene and cell therapycompany developing precision medicines, and ActoBio Therapeutics, Inc., a company focused, via its proprietary ActoBiotics platform, on therapeutic delivery of biologics to the site of disease. Effective Jan 1, 2018, Precigen and ActoBio Therapeutics began operating as standalone entities and are now wholly-owned subsidiaries of Intrexon.
Precigen, announced the treatment of the first patient in phase I first-in-human clinical trials of its investigational therapy, INXN???4001 which is the first multigene cardiac approach to express proteins encoded by three effector genes to treat heart failure.
The company’s collaborator Fibrocell Science, Inc. (FCSC - Free Report) reported interim results from the phase I/II study of FCX???007, a gene therapy for the treatment of recessive dystrophic epidermolysis bullosa. The results showed that FCX-007 was well tolerated at 52 weeks post-administration and showed continued positive trends in wound healing and pharmacological signals, including type VII collagen expression and evidence of anchoring fibrils.
The company’s collaborator Ziopharm Oncology, Inc. (ZIOP - Free Report) announced that the first patient has been dosed in a new phase I study evaluating combination therapy of controlled IL-12 and Bristol-Myers Squibb’s (BMY - Free Report) Opdivo (nivolumab) for the treatment of recurrent glioblastoma.
Zacks Rank & Stocks to Consider
Intrexon carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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