Rhenman & Partners Asset Management AB grew its stake in Immunomedics, Inc. (NASDAQ:IMMU) by 28.3% in the first quarter, HoldingsChannel reports. The institutional investor owned 616,367 shares of the biopharmaceutical company’s stock after buying an additional 136,037 shares during the quarter. Immunomedics makes up approximately 1.4% of Rhenman & Partners Asset Management AB’s portfolio, making the stock its 27th biggest position. Rhenman & Partners Asset Management AB’s holdings in Immunomedics were worth $11,840,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in IMMU. Legal & General Group Plc boosted its stake in shares of Immunomedics by 2.3% in the 3rd quarter. Legal & General Group Plc now owns 48,707 shares of the biopharmaceutical company’s stock valued at $1,014,000 after purchasing an additional 1,082 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Immunomedics by 16.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,151 shares of the biopharmaceutical company’s stock valued at $116,000 after purchasing an additional 1,140 shares in the last quarter. Strs Ohio boosted its stake in shares of Immunomedics by 3.0% in the 4th quarter. Strs Ohio now owns 76,651 shares of the biopharmaceutical company’s stock valued at $1,093,000 after purchasing an additional 2,200 shares in the last quarter. Exane Derivatives purchased a new stake in shares of Immunomedics in the 4th quarter valued at $32,000. Finally, Karp Capital Management Corp purchased a new stake in shares of Immunomedics in the 4th quarter valued at $33,000. 85.22% of the stock is owned by institutional investors and hedge funds.

Shares of IMMU opened at $18.86 on Thursday. The firm has a market cap of $3.59 billion, a price-to-earnings ratio of -18.31 and a beta of 2.11. The company has a debt-to-equity ratio of 0.06, a current ratio of 13.45 and a quick ratio of 13.45. Immunomedics, Inc. has a twelve month low of $11.55 and a twelve month high of $27.33.

A number of brokerages have recently issued reports on IMMU. HC Wainwright set a $28.00 price objective on shares of Immunomedics and gave the company a “buy” rating in a research note on Tuesday, April 2nd. B. Riley assumed coverage on shares of Immunomedics in a research report on Tuesday, January 8th. They set a “buy” rating and a $55.00 price target for the company. Zacks Investment Research raised shares of Immunomedics from a “sell” rating to a “hold” rating in a research report on Thursday, January 10th. BidaskClub raised shares of Immunomedics from a “hold” rating to a “buy” rating in a research report on Wednesday, February 27th. Finally, Piper Jaffray Companies set a $20.00 price target on shares of Immunomedics and gave the company a “buy” rating in a research report on Monday. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. Immunomedics has a consensus rating of “Buy” and a consensus target price of $29.20.

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Immunomedics Profile

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.

See Also: Hedge Funds – Risk or Reward?

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Institutional Ownership by Quarter for Immunomedics (NASDAQ:IMMU)

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