Poseida Rises After Reporting Smaller-Than-Seen Loss, Partnership Progress
By Mark R. Long
Poseida Therapeutics rose after the biopharmaceutical company posted a smaller-than-expected loss in the second quarter and reported progress in its partnerships with Roche Holding and Astellas Pharma.
Shares of the San Diego company were up 13.6% at $3.42 in after-hours trading Monday. Poseida reported a second-quarter net loss of $31.4 million, or 32 cents. Analysts polled by FactSet had forecast a net loss of $40.7 million, and a per-share loss of 41 cents.
The developer of cell therapies and genetic medicines said it secured $45 million from milestone execution in its partnership with Roche in the first half of the year, with additional milestones expected in the second half. The companies aligned on the design of a Phase 1b trial of the P-BCMA-ALLO1 candidate for treating multiple myeloma.
Poseida also said it made progress in its collaboration with Astellas' Xyphos Biosciences unit, with the nomination of the first high-potential program target. In the second quarter Poseida got a $50 million upfront payment related to the initiation of this agreement.
Write to Mark R. Long at mark.long@wsj.com
(END) Dow Jones Newswires
August 05, 2024 18:43 ET (22:43 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Q4 Stock Market Outlook: Where We See Opportunities for Investors
-
Markets Brief: Non-Farm Payrolls in the Spotlight Again
-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
This Cheap Stock Is Still a Buy Even After 50% Rally
-
10 Top-Performing Dividend Stocks of Q3 2024
-
33 Undervalued Stocks
-
Communication Services: Cable’s Broadband Dominance Isn’t as Strong as It Once Was
-
Technology: Strength Continues, With Software Presenting the Best Buying Opportunities
-
Best- and Worst-Performing Stocks of Q3 2024
-
Top Stocks to Own From the Best Fund Managers
-
2 Cheap Stocks Top Managers Have Been Buying