Immunomedics (IMMU) Receives Buy Rating from HC Wainwright

Immunomedics (NASDAQ:IMMU)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a research note issued on Monday, AnalystRatings.com reports. They presently have a $28.00 target price on the biopharmaceutical company’s stock. HC Wainwright’s price target indicates a potential upside of 83.73% from the company’s current price.

The analysts wrote, “We continue to expect a Class 2 resubmission—which is associated with a six-month review period—and, therefore, anticipate a potential market entry in 2Q20 (compared to our previous estimate of late 4Q19); the effect this had on our price target was negligible as we only forecasted a very small market penetration in 4Q19. Instead, the change from $29 to $28 is mainly being driven by a delay in the timing of receipt of the $60M dollar milestone payment by Everest Medicines associated with sacituzumab’s FDA approval in mTNBC (please see our prior note), and slightly increased projected R&D expenditures. Overall, we remain confident in IMMU-132’s efficacy profile and reiterate our Buy rating while lowering our price target to $28 from $29. Phase 3 TROPICS-02 trial may support accelerated approval.””

A number of other analysts have also commented on the stock. Wells Fargo & Co lowered shares of Immunomedics from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $44.00 to $18.00 in a report on Friday, January 18th. Piper Jaffray Companies set a $20.00 target price on shares of Immunomedics and gave the stock a “buy” rating in a report on Monday, April 8th. Cowen reaffirmed a “buy” rating and set a $30.00 target price on shares of Immunomedics in a report on Friday, January 18th. BidaskClub lowered shares of Immunomedics from a “buy” rating to a “hold” rating in a report on Wednesday, February 13th. Finally, Zacks Investment Research lowered shares of Immunomedics from a “hold” rating to a “sell” rating in a report on Thursday, January 24th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Immunomedics currently has an average rating of “Buy” and an average price target of $28.45.

IMMU opened at $15.24 on Monday. 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 has a 52 week low of $11.55 and a 52 week high of $27.33. The firm has a market cap of $2.74 billion, a price-to-earnings ratio of -14.80 and a beta of 1.97.

Immunomedics (NASDAQ:IMMU) last released its earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.46) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.10). During the same period in the previous year, the business earned ($0.21) EPS. Equities analysts expect that Immunomedics will post -1.27 EPS for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its position in shares of Immunomedics by 3.6% during the fourth quarter. BlackRock Inc. now owns 12,639,350 shares of the biopharmaceutical company’s stock worth $180,363,000 after purchasing an additional 435,568 shares in the last quarter. FMR LLC boosted its position in shares of Immunomedics by 48.2% during the fourth quarter. FMR LLC now owns 8,235,480 shares of the biopharmaceutical company’s stock worth $117,519,000 after purchasing an additional 2,677,246 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Immunomedics by 45.2% during the fourth quarter. American Century Companies Inc. now owns 3,116,769 shares of the biopharmaceutical company’s stock worth $44,476,000 after purchasing an additional 970,128 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Immunomedics by 23.1% during the first quarter. Jennison Associates LLC now owns 3,041,417 shares of the biopharmaceutical company’s stock worth $58,426,000 after purchasing an additional 570,016 shares in the last quarter. Finally, Foresite Capital Management III LLC boosted its position in shares of Immunomedics by 0.3% during the fourth quarter. Foresite Capital Management III LLC now owns 2,700,000 shares of the biopharmaceutical company’s stock worth $38,529,000 after purchasing an additional 8,271 shares in the last quarter. 85.33% of the stock is currently owned by institutional investors.

About Immunomedics

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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Analyst Recommendations for Immunomedics (NASDAQ:IMMU)

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