Juno Therapeutics missed analyst expectations with its Q3 earnings report on Tuesday, posting a net loss of $47.6 million, or 53 cents per share, on $1.6 million in revenue.
Analysts were expecting a loss of 41 cents per share on revenue of $6.5 million.
The news sent the company’s stock down immediately after the release, but it’s been climbing back in after hours trading. As of Tuesday afternoon, Juno’s stock was trading at $51 per share, down less than 2 percent from where it was when markets closed.
Juno went public back in December, initially raising $264 million after pricing its stock at $24 per share. The company’s stock shot up by 45 percent on the first day on NASDAQ, and reached $61 per share in January.
The cancer research company’s stock has bounced around all year on good and bad reports since then, but it’s sitting now right about where it began 2015.
These kinds of ups and downs are to be expected for a relatively young company like Juno that has promising technology, but is still largely in research mode.
The company has seen early success in clinical trials with its cancer fighting immunotherapy technology, but it still has a long way to go. Juno’s cash burn rate was $45.7 million in Q3, bring the year to date total to $206.4 million.
“We continue to make progress in the clinic and building our capabilities,” Juno CEO Hans Bishop said in the earnings release. “Data presented in September suggests that the improved expansion and persistence of JCAR014 lead to clinical benefit. We look forward to presenting more data from our pipeline, in conjunction with our partners, at the upcoming ASH conference.”