In a report released today, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Immunomedics (IMMU), with a price target of $28. The company’s shares closed on Friday at $15.24.
Selvaraju commented:
“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.”
According to TipRanks.com, Selvaraju is a 2-star analyst with an average return of 0.2% and a 36.7% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Biospecifics Technologies Corp, EyePoint Pharmaceuticals Inc, and Bausch Health Companies Inc.
Immunomedics has an analyst consensus of Strong Buy, with a price target consensus of $23.60, implying a 54.9% upside from current levels. In a report issued on April 29, Piper Jaffray also maintained a Buy rating on the stock with a $20 price target.
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The company has a one-year high of $27.33 and a one-year low of $11.55. Currently, Immunomedics has an average volume of 2.56M.
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Immunomedics, Inc. is a clinical-stage biopharmaceutical company, which engages in the business of researching, developing, manufacturing and marketing biopharmaceutical products. It focuses on monoclonal antibody-based products for the targeted treatment of cancer. It operates through the United States, and Europe geographical segments.
