CAMBRIDGE, Mass. (AP) _ Acceleron Pharma Inc. (XLRN) on Tuesday reported a loss of $29 million in its third quarter.
The Cambridge, Massachusetts-based company said it had a loss of 63 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 65 cents per share.
The clinical stage biotech developing protein therapeutics for cancer and rare diseases posted revenue of $3.3 million in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $3.5 million.
Acceleron shares have climbed 13 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $48.16, an increase of 26 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on XLRN at https://www.zacks.com/ap/XLRN