I just tried to read the transcript, particularly the Q+A portion. They are incapable of giving a clear, straight answer to any analyst question. The answers are mind numbing and not in a good way. Someone should teach them how to speak clearly. Better yet, some of them need to go.
Weren't we supposed to get 853 data this year? Now it's ASCO. They haven't met a timeline ever. It's really pathetic.
The old partner deals were terrible, low single digits on what could be a blockbuster Sanofi naked antibody. Sanofi owns the IP, so I doubt IMGN could design an ADC on their own with the molecule.
Our only hope is that Sanofi, or Roche make an offer because IMGN execs are totally clueless. IMO of course, read the transcript and let me know what you think.
One positive is that one analyst ask why projected revenues for next year seems high. The explanation is that it will be because milestones will be paid as partnered compounds advance into the clinic, anticipation of new ADC licenses from existing partners, and, of course, increasing Kadcyla revenues.
One analyst did ask about the possibility of monetizing Kadcyla revenues. Some of them must be reading this MB! While it is an option, mgmt thinks that they have enough money for now to fund future expenses. Perhaps mgmt will not consider any new offering until pps is back closer to $20, i.e., after more positive trial results have been reported.
They certainly tried to make it appear as if no secondary is coming soon. They have pulled that before, even on the Cramer show, that's probably why DJ's not been on the show in a long time.
I thought we were supposed to get 853 results this year, not at ASCO next year. I can't recall any real, meaningful news, or progress in the past 2 years, just lots of fluff, promises, missed timelines, etc. People are wise to DJ's tricks, fool me once...Nothing short of an acquisition, acquisition of SGEN or a major licensing deal that raises cash and lowers costs will get this stock going in the next 6 months. Major news on Kacdyla that increases the sales potential would also help raise the floor price.
I just finished the transcript and was quite frustrated with it. If I'm frustrated, I imagine the analysts are too. IMGN execs never give any answer to any question. They get asked "can you give us more details on so-and-so" and then answer "no, refer to the published material". There is no reason to have this conference call, it's pointless. I get nothing of substance from their call.
I would imagine that if they will not give any insight into their year, analysts are hesitant to believe them. "Lower single digit revenue" probably means 1%, since they wouldn't clarify. "Mid to upper digit revenue" for their ADC compounds probably means 6%... Maybe it doesn't mean that, but I'm sure the analysts are calculating future earnings based on the lowest numbers possible.