This Particular Biotech Stock Is Soaring On Two Key Announcements

By: Tomas Ronolski - AllPennyStocks.com News

Wednesday, November 13, 2024

A Massachusetts-based biotech company is stealing the mid-week spotlight so far during Wednesday’s session after the company announced Q3 2024 GAAP EPS of $(0.09), which beat the $(0.18) estimate. Sales also beat at $12.598M versus the $7.530M estimate, according to this morning’s press release.

Shares of Mersana Therapeutics Inc. (Nasdaq:MRSN) rallied strongly on the news, especially combined with the announcement that the company plans to announce initial clinical data for its XMT-1660 by the end of the year. This sent shares of this small cap flying, with traders pushing up the price as high as $2.83/share (+28.64%) at the early session high. This bullish move is a strong continuation of the success this stock has had over the last three months.

Mersana Therapeutics Inc is a clinical stage biopharmaceutical company using its differentiated and proprietary ADC platforms to develop targeted drugs with increased tolerability and expanded opportunities to deliver meaningful clinical benefit to patients. Mersana's product candidate, XMT-1536, is in a Phase 1 clinical trial in patients with tumors expressing NaPi2b, including ovarian cancer, NSCLC, and other cancers. In addition, multiple partners are using Mersana's platform to advance their ADC pipelines.

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