Why Y-mAbs Therapeutics Stock Got Mashed on Monday
Cancer drug developer Y-mAbs Therapeutics (NASDAQ: YMAB) didn't exactly kick off the stock trading week on a high note. The company's shares closed the day more than 11% lower in price, following the release of its latest set of quarterly results. That contrasted unfavorably with the performance of the bellwether S&P 500 index, which flatlined that session.
Y-mAbs is a commercial-stage biotech, and its one commercialized product, Danyelza, brought in $22.8 million for the second quarter and was responsible for all the company's net revenue. Those sales were 10% higher on a year-over-year basis. Y-mAbs said that much of this was due to higher international sales of the drug; it cited Western Europe and recent commercial launches in Brazil and Mexico as three relatively high-growth markets.
On the bottom line, Y-mAbs booked a net loss of $9.2 million, or $0.21 per share. This was deeper than its $6.3 million deficit of second quarter 2023.
Source Fool.com
