Magenta Therapeutics (NSDQ:MGTA) shares ticked up today on fourth-quarter earnings that topped the consensus forecast.
The Cambridge, Mass.-based stem cell transplantation technology developer posted losses of -$18.2 million, or -38¢ per share for the three months ended Dec. 31, 2020, marking a 21.8% bottom-line gain.
Magenta’s earnings per share of -38¢ came in 3¢ ahead of Wall Street analysts’ projections.
“Building on our momentum from 2020, we continue to advance our portfolio with now two active Phase 2 clinical trials evaluating MGTA-145 plus plerixafor in patients with blood cancers undergoing autologous and allogeneic stem cell transplant and an additional planned Phase 2 clinical trial evaluating stem cell mobilization and collection in patients with sickle cell disease in partnership with bluebird bio. We have also made additional progress in our preparations for an IND filing for our MGTA-117 targeted conditioning program based on communications with the FDA and the advancement of our IND-enabling studies,” Magenta president & CEO Jason Gardner said in a news release. “We very much look forward to generating clinical data during the course of 2021 in these multiple disease settings.”
Magenta did not offer specific guidance but gave assurances that its current cash reserves are set to fund its operating plan into 2023.
MGTA shares were up 4.1% at $12.29 per share in mid-morning trading today.