Y-mAbs Therapeutics falls as 2023 forecast for sole commercial drug disappoints

Y-mAbs Therapeutics

05/01/2023 13:33

** Shares of Y-mAbs Therapeutics Inc  YMAB.O  down 7%
premarket to $4.75 as company's new forecast for its only
approved drug Danyelza disappoints
    ** Brokerage Canaccord Genuity cuts PT to $20 from $23, says
co's Danyelza 2023 revenue forecast of $60 mln-$65 mln "dumps
some cold water on expectations for a more drastic inflection"
    ** Co late Wednesday raised revenue forecast for cancer drug
Danyelza from $45 mln-$50 mln for 2022 and also announced plans
to lay off 35% of workforce and deprioritize other pipeline
programs
    ** Co also says it will meet with the FDA regarding cancer
drug omburtamab; meeting unlikely to revive drug prospects, says
brokerage Canaccord Genuity 
    ** Brokerage Cowen and Company downgrades stock to "market
perform" from "outperform", says co's sales estimates for the
Danyelza drug is below their estimates of $70 mln
         ** FDA in December declined to approve omburtamab,
which was being developed for a rare form of nerve cancer in
pediatric patients
    ** Stock gained ~5% last year
 (Reporting by Sriparna Roy)
 ((Sriparna.Roy@thomsonreuters.com;))