ImmunoGen, Inc. IMGN reported loss of 13 cents per share for the third quarter of 2020, narrower than the Zacks Consensus Estimate of a loss of 20 cents and the year-ago loss of 15 cents.Revenues came in at $18.2 million, which also beat the Zacks Consensus Estimate of $15 million. Revenues were up 36.8% year over year, mainly driven by higher non-cash royalty revenues.ImmunoGen’s shares have gained 19.1% so far this year against the industry’s decrease of 4.9%.Quarter in DetailsFor the third quarter, Immunogen reported license and milestone fees of $97,000 compared with $79,000 in the year-ago period.Third-quarter revenues included $18.1 million in non-cash royalty revenues, up 37% year over year.During the quarter, research and development expenses increased 17.5% from the year-ago level to $24.7 million due to restructuring initiatives, partially offset by higher expenses related to clinical studies. General and administrative expenses increased 11.1% to $10.2 million in the third quarter of 2020.ImmunoGen’s cash and cash equivalents increased to $188.2 million at the end of September 2020 compared with $219.5 million at the end of June 2020. In October, the company generated net proceeds of $54 million from sales of its common stock, which will boost cash resources.Pipeline UpdateImmunoGen is enrolling patients in the confirmatory phase III MIRASOL study, which compared its lead pipeline candidate, mirvetuximab soravtansine, head-to-head with single agent chemotherapy in platinum-resistant ovarian cancer patients with high folate receptor alpha expression. Top-line data is expected in the first half of 2022.It is also evaluating the candidate in a pivotal study — SORAYA — in platinum-resistant ovarian cancer patients. The company expects the data from this study to form the basis of the candidate’s regulatory filing under accelerated pathway for ovarian cancer. Data from the MIRASOL study will support its continued approval in the indication. Top-line data is expected in the third quarter of 2021The company is also evaluating multiple combination regimens of mirvetuximab soravtansine in a phase Ib FORWARD II study for treating platinum-resistant ovarian cancer. The company is evaluating a triplet cohort — mirvetuximab plus Roche’s RHHBY Avastin (bevacizumab) and carboplatin — as part of this study.ImmunoGen is also planning to initiate an investigator sponsored clinical study to evaluate mirvetuximab plus carboplatin versus standard platinum-based therapy in recurrent platinum-sensitive ovarian cancer by year-end.In October, the company entered into an exclusive collaboration agreement with China-based Huadong Medicine to develop and commercialize mirvetuximab soravtansine in mainland China, Hong Kong, Macau, and Taiwan.The company has another promising candidate, IMGN632, in its pipeline. It is being developed in clinical studies as monotherapy or in combination with Bristol-Myers’ BMY Vidaza or AbbVie ABBV/Roche’s Venclexta for treating acute myeloid leukemia (“AML”). It is also developing IMGN632 monotherapy in early-stage studies in patients with blastic plasmacytoid dendritic cell neoplasm and acute lymphocytic leukemia.The company initiated a phase I study on IMGC936 to evaluate it in solid tumors recently. The company will co-develop the candidate with MacroGenics.Cash Guidance RaisedImmunoGen raised its guidance for cash and cash equivalents to be between $245 million and $250 million at 2020 end compared with $170 million and $175 million expected previously. However, the company maintained its guidance for other metrics. The company expects revenues for the full year to be between $60 million and $65 million. It expects operating expense to be in the range of $165-$170 million. The company expects cash and cash equivalents to be between $245 million and $250 million at 2020 end compared with $170 million and $175 million expected previously.It expects cash resources along with net proceeds from sale of common stock as well as anticipated future cash receipts from partners to be enough to fund its operations through the second half of 2022.ImmunoGen, Inc. Price, Consensus and EPS Surprise ImmunoGen, Inc. price-consensus-eps-surprise-chart | ImmunoGen, Inc. QuoteZacks RankCurrently, Immunogen is a Zacks Rank #4 (Sell) stock.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Breakout Biotech Stocks with Triple-Digit Profit PotentialThe biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. 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