Shares of Epizyme Inc. EPZM fell about 23.7% after it announced third-quarter 2020 results. The company incurred a loss of 55 cents per share in third-quarter 2020, which was narrower than the Zacks Consensus Estimate of a loss of 61 cents but wider than the year-ago loss of 40 cents. However, Shares of Epizyme have plunged 58% in the year so far compared with the industry’s decline of 1.4%.Total revenues for the third quarter of 2020 were $3.6 million, which missed the Zacks Consensus Estimate of $6 million and down from the year-ago revenues of $5.7 million.Quarter in DetailTazverik became commercially available to patients on Feb 1, 2020, following its accelerated approval in January for the treatment of metastatic or locally advanced Epithelioid Sarcoma (ES).Tazverik generated net product revenues in both ESand FL of $3.4 million in the third quarter, with growth largely driven by the FDA approval of the drug in relapsed or refractoryFL on Jun 18, 2020. However, during the third quarter, the COVID-19 pandemic continued to negatively impact FL patient visits to physicians, new patient starts across all lines of treatmentand the ability of Epizyme’s field-based teams to fully access FL prescribers.Collaboration revenues in third-quarter 2020, earned as part of the company’s alliance with Boehringer Ingelheim, were $0.1 million.Research and development expenses decreased to $23.5 million from $25.3 million in the year-ago quarter.SG&A expenses increased to $26.2 million from $14.5 million.Epizyme had $279.9 million of cash, cash equivalents and marketable securities as of September 30 compared with $322.1 million as of Jun 20. Epizyme and Pharmakon Advisors, an affiliate of Royalty Pharma, expanded their original loan agreement established in November 2019, enabling Epizyme to draw down an additional $150 million from the loan facility, subject to customary closing conditions. The company expects its existing cash, cash equivalents and marketable securities combined with the proceeds from the loan facility tofund its operations untilat least 2023.Pipeline UpdateEpizyme completed enrollment in the safety run-in portion of its combination study of Tazverikin metastatic castration-resistant prostate cancer (mCRPC) and the initiation of the efficacy expansion stage is planned for early 2021. The company expects to report safety and efficacy data from the safety run-in portion of the study at a medical meeting in 2021.While approval of Tazverik is a great boost for Epizyme, competition is stiff from bigwigs like Novartis NVS, Pfizer PFE and Merck MRK. Hence, gaining market share in its targeted space will be a daunting task for the company.Currently, Epizyme is a Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Epizyme, Inc. Price, Consensus and EPS Surprise Epizyme, Inc. price-consensus-eps-surprise-chart | Epizyme, Inc. QuoteBreakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Merck Co., Inc. (MRK): Free Stock Analysis Report Epizyme, Inc. (EPZM): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research