ImmunoGen Q1 top-line up 55%; guidance affirmed

ImmunoGen (IMGN) Q1 results:

Revenues: $13.3M (+54.7%).

Net loss: ($29.1M) (+33.6%); loss/share: ($0.17) (+43.3%); Quick Assets: $247.3M (+40.4%).

2020 Guidance: Revenues: $60M – 65M (unch).

The company initiated SORAYA trial for mirvetuximab soravtansine in platinum-resistant ovarian cancer.

Anticipated 2020 events: Present updated data from the FORWARD II platinum-sensitive triplet cohort evaluating mirvetuximab in combination with carboplatin and bevacizumab in the fall.

Continue enrollment in IMGN632 monotherapy and combination cohorts.

File IND for IMGC936 at the end of Q2.

Transition IMGN151 into pre-clinical development.

Shares are up 6% premarket.

Previously: ImmunoGen EPS misses by $0.02, misses on revenue (May 1)

https://seekingalpha.com/news/3567533-immunogen-q1-top-line-up-55-guidance-affirmed

Medigus up 71% premarket on first order for COVID-19 blood test

Nano cap Medigus Ltd. (NASDAQ:MDGS) announces the receipt of its first order, 10K units from a medical equipment distributor in Mexico, for its COVID-19 blood test kit.

The kits are sourced in China through collaboration partner L-1 Systems Ltd.

Shares up 71% premarket on robust volume.

https://seekingalpha.com/news/3567538-medigus-up-71-premarket-on-first-order-for-covidminus-19-blood-test

Cerner sidelined on valuation after rally

With shares trading up 27% from a March low, SunTrust Robinson Humphrey cuts Cerner (NASDAQ:CERN) from Buy to Hold.

Analyst Sandy Draper thinks the current valuation “fairly reflects the company’s growth” with near-term demand “paused” by the pandemic.

The timing of the rebound isn’t certain, but Draper doesn’t expect a V-shaped recovery.

SunTrust raises its Cerner target from $66 to $72, a 4% upside.

Related: Earlier this week, CERN reported a mixed Q1 with a revenue miss and said it expects to feel the largest coronavirus impact in Q2.

https://seekingalpha.com/news/3567599-cerner-sidelined-on-valuation-after-rally

FDA OKs emergency use of Bio-Rad’s COVID-19 blood test

The FDA has granted Emergency Use Authorization (EUA) for Bio-Rad Laboratories’ (NYSE:BIO) SARS-CoV-2 Total Ab test, an immunoassay that detects IgG, IgM and IgA antibodies to the COVID-19 coronavirus in the blood with 98% sensitivity (detecting true positives) and 99% specificity (detecting true negatives).

The test can be performed manually or on an automated platform like its EVOLIS system.

The test has also met the CE mark requirements for Europe.

https://seekingalpha.com/news/3567588-fda-oks-emergency-use-of-bio-rad-s-covidminus-19-blood-test

TG Therapeutics up on ublituximab data in MS

TG Therapeutics (NASDAQ:TGTX) perks up 2% premarket on light volume on the heels of results from a Phase 2 clinical trial evaluating ublituximab in patients with relapsing forms of multiple sclerosis (MS). The data were published in the Multiple Sclerosis Journal.

The responder rate was 100% in 48 patients and the annualized relapse rate at week 48 was 0.07 (average follow-up of ~47 weeks).

At weeks 24 and 48, no patient had new or persisting gadolinium-enhancing lesion on any brain MRI scan (100% reduction from baseline; P=0.003).

Two Phase 3 studies are ongoing.

https://seekingalpha.com/news/3567609-tg-therapeutics-up-2-on-ublituximab-data-in-ms

BioLife Solutions sees Q1 revenue of $12M

BioLife Solutions (NASDAQ:BLFS) announces preliminary Q1 2020 total revenue of $12.1M (+110% Y/Y).

Revenue growth was driven by significantly higher demand for biopreservation media, which accounted for ~72% of total revenue.

Citing COVID-19 uncertainties, BioLife is withdrawing financial guidance for 2020.

The Company will announce Q1 results after market close on May 14, and will host a conference call at 4:30 p.m. ET.

https://seekingalpha.com/news/3567624-biolife-solutions-sees-q1-revenue-of-12m-shares-up-5-premarket

XBiotech advancing antibody therapy for COVID-19

XBiotech (XBIT +3.4%) announces that it has identified human immune donors that can support the development of a True Human antibody therapy for COVID-19.

The donors, screened at South Texas Blood & Tissue Center, have high titers of COVID-19 antibodies and do not have a history of serious illness from the coronavirus.

The company is now receiving the blood samples and has begun the discovery process to isolate the genetic information responsible for producing the strong antibody responses.

https://seekingalpha.com/news/3567666-xbiotech-advancing-antibody-therapy-for-covidminus-19