Progenics Pharmaceuticals' fourth-quarter loss narrowed, bolstered by reduced expenses. The company's performance easily beat Wall Street's expectations.
Its stock soared more than 30 percent in midday trading Friday.
For the three months ended Dec. 31, Progenics lost $324,000, or 1 cent per share. That compares with a loss of $10.7 million, or 32 cents per share, a year ago.
Analysts forecast a loss of 31 cents per share, according to a FactSet poll.
Total expenses declined to $9.2 million from $13 million. Research and development expenses fell due to previously announced job cuts and lower laboratory, manufacturing and operating expenses. Progenics had 76 employees as of Dec. 31 compared with 105 workers at 2011's end.
General and administrative expenses, royalty expense and depreciation and amortization expense also dropped during the period.
Revenue essentially quadrupled to $8.9 million from $2.1 million a year ago mostly because of partnering on two proprietary research programs. Wall Street expected $1.2 million in revenue.
Progenics' reported a full-year loss of $35.4 million, or $1.02 per share. In the previous year the company reported net income of $10.4 million, or 31 cents per share.
Annual revenue dropped 84 percent to $14 million from $84.8 million as the year-ago period included revenue related to its collaboration with Salix Pharmaceuticals Ltd. Progenics, which is based in Tarrytown, N.Y., licensed rights for the opioid-induced constipation treatment Relistor to Salix.
Shares of Progenics Pharmaceuticals Inc. rose $1.09, or 32.3 percent, to $4.47. The stock has traded in a 52-week range of $1.41 to $11.34. For the year to date, the shares are up 13 percent.