In a report released today, Madhu Kumar from B.Riley FBR reiterated a Buy rating on Immunomedics (NASDAQ: IMMU), with a price target of $55. The company’s shares opened today at $21.48.
Kumar commented:
“Yesterday, after market close on Immunomedics (IMMU) announced FY18 earnings and provided a corporate update. We remind investors that the key near-term IMMU catalyst is the January 18, 2019, PDUFA date for lead asset, Trop-2-SN-38 antibody-drug conjugate (ADC) IMMU-132 (also known as sacituzumab govitecan), in third-line triple negative breast cancer (3L TNBC). After FY18 model updates, we reiterate our IMMU Buy rating and status as our Alpha Generator pick, raising our price target from $53 to $55. We remind investors that Immunomedics will be participating at the B. Riley FBR York City.”
According to TipRanks.com, Kumar is a 5-star analyst with an average return of 28.1% and a 55.0% success rate. Kumar covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Arbutus Biopharma Corporation, and Deciphera Pharmaceuticals Inc.
Currently, the analyst consensus on Immunomedics is a Strong Buy with an average price target of $36.50, which is a 69.9% upside from current levels. In a report released today, Cowen & Co. also maintained a Buy rating on the stock with a $30 price target.
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Based on Immunomedics’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $117 million. In comparison, last year the company had a GAAP net loss of $53.25 million.
Based on the recent corporate insider activity of 13 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of IMMU in relation to earlier this year.
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Immunomedics, Inc. is a clinical-stage biopharmaceutical company. It engages in the business of researching, developing, manufacturing and marketing biopharmaceutical products. The company primarily focused on the development of monoclonal, antibody-based products for the targeted treatment of cancer, autoimmune and other serious diseases.
