Narrower-than-Expected Loss at Curis
Curis, Inc.’s (CRIS) shares gained 7.7% immediately after fourth quarter results were announced. Overall, shares are up 8.8% since earnings were reported.
Curis reported fourth quarter 2013 net loss per share of 5 cents, narrower than the Zacks Consensus Estimate of a loss of 7 cents and the year-ago loss of 15 cents per share.
Fourth quarter revenues were $1.5 million, up 10.6% from the year-ago quarter. Revenues missed the Zacks Consensus Estimate of $2 million. Fourth quarter revenues primarily consisted of $1.4 million of Erivedge royalty revenues.
Erivedge, commercialized and developed by Roche (RHHBY) under a collaboration agreement between Curis and Genentech, is approved for the treatment of advanced basal cell carcinoma (BCC).
Research and development expenses increased 9.4% year over year to $3 million. General and administrative expenses rose 3.2% year over year to $3 million.
2013 Details
Curis reported 2013 loss of 15 cents per share, narrower than the Zacks Consensus Estimate of a loss of 17 cents and the 2012 loss of 21 cents per share.
Full year revenues were $15 million, beating the Zacks Consensus Estimate of $14 million. Revenues in 2012 were $17 million. Revenues fell in 2013 due to a decline in license revenues.
Pipeline Update
In Dec 2013, Curis presented interim data from a phase I study on CUDC-907 in patients with relapsed or refractory lymphoma or multiple myeloma. By mid-2014, Curis expects the completion of the dose escalation phase and determination of a recommended dose for future studies. Curis will commence enrollment in expansion cohorts in the second half of 2014.
In Feb 2014, Curis submitted the response and amended protocol to the Food and Drug Administration (:FDA) regarding the partial clinical hold placed on CUDC-427 in Nov 2013. In case the partial clinical hold by the FDA is lifted, Curis expects to re-start enrollment in the monotherapy study and also start a phase Ib/II study in HER-2 negative advanced breast cancer patients.
Curis currently carries a Zacks Rank #3 (Hold). Investors looking for better-ranked stocks in the pharma sector may consider companies like Forest Laboratories Inc. (FRX) and Lannett Co., Inc. (LCI). Forest Labs carries a Zacks Rank #2 (Buy) while Lannett carries a Zacks Rank #1 (Strong Buy).
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