Immunomedics (NASDAQ:IMMU) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, Zacks.com reports. The firm currently has a $36.00 price target on the biopharmaceutical company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 4.41% from the company’s previous close.
According to Zacks, “Immunomedics reported a narrower-than-expected loss in the first quarter. The company got a significant boost with the recent FDA approval for its lead drug, Trodelvy, an antibody-drug conjugate (ADC), for the treatment of patients with mTNBC. The commercial launch of the drug is underway. The successful commercialization of the drug will bring in sales for the company. Meanwhile, Trodelvy is being evaluated in several label expansion studies, including earlier-line settings for breast cancer and other cancer indications. A late-stage study on the candidate was recently halted due to its compelling efficacy. Immunomedics is also evaluating acituzumab in other cancer types. A potential label expansion of the drug will further boost growth prospects. However, competition is stiff from bigwigs in the market. Pipeline setbacks will also weigh on shares.”
A number of other brokerages have also recently commented on IMMU. Goldman Sachs Group upgraded Immunomedics from a “sell” rating to a “neutral” rating and increased their price target for the company from $5.00 to $22.00 in a research note on Thursday, April 23rd. Cowen lifted their price target on Immunomedics from $30.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, April 23rd. HC Wainwright reaffirmed a “buy” rating and issued a $54.00 price objective on shares of Immunomedics in a research note on Thursday, May 28th. ValuEngine downgraded shares of Immunomedics from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, April 7th. Finally, Barclays began coverage on shares of Immunomedics in a research report on Monday, May 4th. They issued an “overweight” rating and a $40.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $34.14.
NASDAQ:IMMU traded up $0.25 during trading hours on Tuesday, hitting $34.48. The company’s stock had a trading volume of 21,565 shares, compared to its average volume of 4,408,362. Immunomedics has a twelve month low of $8.80 and a twelve month high of $37.25. The company has a debt-to-equity ratio of 0.05, a current ratio of 8.37 and a quick ratio of 8.37. The stock has a fifty day simple moving average of $33.38 and a 200-day simple moving average of $22.63. The company has a market capitalization of $7.88 billion, a P/E ratio of -18.84 and a beta of 3.35.
Immunomedics (NASDAQ:IMMU) last posted its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.44) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.46) by $0.02. During the same quarter last year, the company earned ($0.46) earnings per share. On average, equities analysts predict that Immunomedics will post -1.47 EPS for the current fiscal year.
In other news, Director Avoro Capital Advisors Llc bought 1,750,000 shares of the stock in a transaction on Friday, May 1st. The shares were purchased at an average cost of $28.50 per share, for a total transaction of $49,875,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 9.40% of the company’s stock.
A number of large investors have recently modified their holdings of the business. Eudaimonia Partners LLC purchased a new position in shares of Immunomedics in the first quarter worth about $29,000. Meeder Asset Management Inc. bought a new position in Immunomedics in the 4th quarter worth approximately $37,000. Chevy Chase Trust Holdings Inc. purchased a new position in Immunomedics in the 4th quarter valued at approximately $40,000. Windsor Creek Advisors LLC bought a new stake in Immunomedics during the 1st quarter valued at $40,000. Finally, Pathstone Family Office LLC purchased a new stake in shares of Immunomedics during the first quarter worth $40,000. Hedge funds and other institutional investors own 76.37% of the company’s stock.
Immunomedics, Inc, a clinical-stage biopharmaceutical company, develops monoclonal antibody-based products for the targeted treatment of cancer. Its advanced antibody-drug conjugates are sacituzumab govitecan and labetuzumab govitecan, which are in advanced trials for various solid tumors and metastatic colorectal cancer, respectively.
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