Immunomedics, Inc. (IMMU) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Immunomedics, Inc. (NASDAQ:IMMU) from a hold rating to a buy rating in a research note published on Wednesday morning. The firm currently has $15.00 price target on the biopharmaceutical company’s stock.
According to Zacks, “Immunomedics Inc. is a New Jersey-based biopharmaceutical company focused on the development of monoclonal, antibody-based products for the targeted treatment of cancer, autoimmune and other serious diseases. They have developed a number of advanced proprietary technologies that allow us to create humanized antibodies that can be used either alone in unlabeled or naked form, or conjugated with radioactive isotopes, chemotherapeutics or toxins, in each case to create highly targeted agents. Using these technologies, the company have built a pipeline of therapeutic product candidates that utilize several different mechanisms of action. They have recently licensed its lead product candidate, epratuzumab, to UCB, S.A. for the treatment of all autoimmune disease indications worldwide. “
IMMU has been the subject of a number of other research reports. BidaskClub raised shares of Immunomedics from a hold rating to a buy rating in a research report on Wednesday, August 23rd. Cowen and Company reissued an outperform rating and issued a $15.00 target price on shares of Immunomedics in a research report on Monday, July 24th. Finally, Jefferies Group LLC set a $11.00 target price on shares of Immunomedics and gave the company a buy rating in a research report on Thursday, August 17th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $14.67.
Shares of Immunomedics (NASDAQ IMMU) traded down 5.82% during trading on Wednesday, hitting $11.66. 2,498,625 shares of the stock were exchanged. Immunomedics has a 1-year low of $2.02 and a 1-year high of $14.48. The company’s market cap is $1.30 billion. The firm’s 50-day moving average is $11.78 and its 200 day moving average is $8.54.
Immunomedics (NASDAQ:IMMU) last announced its earnings results on Wednesday, August 16th. The biopharmaceutical company reported ($0.25) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.13). The firm had revenue of $0.64 million for the quarter, compared to the consensus estimate of $0.75 million. The business’s revenue for the quarter was down 31.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.17) earnings per share. Equities analysts forecast that Immunomedics will post ($0.53) earnings per share for the current fiscal year.
In related news, insider David M. Goldenberg sold 20,000 shares of the company’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $12.64, for a total transaction of $252,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Cynthia L. Goldenberg sold 40,000 shares of the company’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $10.72, for a total transaction of $428,800.00. The disclosure for this sale can be found here. Insiders have sold 100,000 shares of company stock valued at $1,051,200 in the last ninety days. 6.60% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of IMMU. Teachers Advisors LLC lifted its position in Immunomedics by 8.9% during the fourth quarter. Teachers Advisors LLC now owns 185,661 shares of the biopharmaceutical company’s stock worth $681,000 after purchasing an additional 15,147 shares during the period. Russell Investments Group Ltd. bought a new stake in Immunomedics during the first quarter worth about $383,000. Bank of New York Mellon Corp lifted its position in Immunomedics by 5.3% during the first quarter. Bank of New York Mellon Corp now owns 464,215 shares of the biopharmaceutical company’s stock worth $3,003,000 after purchasing an additional 23,518 shares during the period. UBS Asset Management Americas Inc. lifted its position in Immunomedics by 361.2% during the first quarter. UBS Asset Management Americas Inc. now owns 67,301 shares of the biopharmaceutical company’s stock worth $435,000 after purchasing an additional 52,709 shares during the period. Finally, TD Asset Management Inc. bought a new stake in Immunomedics during the first quarter worth about $855,000. 57.36% of the stock is owned by institutional investors and hedge funds.
Immunomedics Company Profile
Immunomedics, Inc is a clinical-stage biopharmaceutical company. The Company is engaged in developing monoclonal antibody-based products for the targeted treatment of cancer, autoimmune disorders and other serious diseases. Its geographic segments include United States and Europe. Its technologies allow it to create humanized antibodies that can be used either alone in unlabeled or naked form, or conjugated with radioactive isotopes, chemotherapeutics, cytokines or toxins.
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