Shares of biotech firm Targeted Genetics Corp. (Nasdaq: TGEN) shot up Thursday it announced that fourth quarter revenues more than doubled.
The Seattle, Wash.-based companyâ€™s shares gained $1.53, or 59.5 percent, to $4.10 in afternoon trading on the Nasdaq Stock Market.
The gene therapy developer posted a net income of $808,000, or 8 cents per share, up from a loss of $3.6 million, or 41 cents per share during the same period a year ago. Analysts polled by Thompson Financial had predicted a net loss of 13 cents per share, on average.
We've begun 2007 with a great deal of momentum as we continue to focus on achieving important clinical, business development and financial management milestones to execute our strategic plan for the year, said H. Stewart Parker, president and chief executive officer of Targeted Genetics.
The firm also said that research and development expenses were declining.
The company posted a loss of $34 million, or $3.47 per share for the full year. In 2005, the firm earned $19.2 million, or $2.24 per share. Revenue rose to $9.9 million from $6.9 million, and consisted mostly of development revenue earned under the Company's congestive heart failure collaboration agreement with Celladon Corporation.