By Kailyn Rhone
Shares of Mersana Therapeutics jumped Wednesday after the company's loss narrowed and its third-quarter results topped analysts' expectations.
The stock was up 23% to $2.71 in morning trading. For the year, shares are up 16%.
The biopharmaceutical company posted a loss of $11.5 million, or nine cents a share, compared with a loss of $41.7 million, or 35 cents a share, a year earlier. Analysts polled by FactSet had expected a loss of 17 cents.
The Cambridge, Mass.-based company's revenue rose to $12.6 million from $7.7 million the prior year, above analysts expectations of $7.5 million.
Mersana's cash, cash equivalents and marketable securities were $155.2 million as of Sept. 30. The company expects its capital resources will be sufficient to support its operations through 2026.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
November 13, 2024 11:30 ET (16:30 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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