REDWOOD CITY, Calif. (AP) — OncoMed Pharmaceuticals Inc. (OMED) on Thursday reported fourth-quarter net income of $9.5 million, after reporting a loss in the same period a year earlier.
The Redwood City, California-based company said it had profit of 25 cents per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 31 cents per share.
The cancer therapy developer posted revenue of $20.6 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $5.1 million.
For the year, the company reported that its loss narrowed to $39.1 million, or $1.04 per share. Revenue was reported as $38.2 million.
In the final minutes of trading on Thursday, the company's shares hit $2.89. A year ago, they were trading at $9.14.