Micromet’s (MITI) third quarter loss per share came in at $0.22, wider than the Zacks Consensus Estimate of $0.14.
Micromet’s re-acquisition of blinatumomab rights from MedImmune is of great significance as the company will be able to re-license the drug at more attractive terms. We believe that the company requires the strength of a large established player to accelerate blinatumomab’s clinical development that seems crucial in order to gain a head-start over potential competitors.
Although no treatment options targeting CD19 are currently available commercially, many companies have pipeline candidates targeting it. Given the uncertainty related to its early stage pipeline, we downgrade the stock to Underperform.Zacks Investment Research
