Why ImmunoGen (IMGN) Stock Is Down Today

NEW YORK (TheStreet) -- ImmunoGen (IMGN) stock is tumbling on Friday after the biotechnology company saw third-quarter losses gap wider than expected and as revenue fell short of analysts' estimates. 

By midday, shares had dropped -7.2% to $12.80.

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Over the three months to March, Waltham, Mass.-based ImmunoGen reported a net loss of 44 cents a share compared to losses of 2 cents a share in the year-ago quarter. Analysts surveyed by Thomson Reuters had forecast a net loss of 27 cents a share. 

Revenue tumbled to $6.88 million from $25 million a year earlier, missing estimates of $13.28 million.

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