Immunomedics, Inc. (IMMU) Trading Up 6.4% on Analyst Upgrade
Shares of Immunomedics, Inc. (NASDAQ:IMMU) were up 6.4% on Monday after Jefferies Group raised their price target on the stock from $14.00 to $16.00. Jefferies Group currently has a buy rating on the stock. Immunomedics traded as high as $12.64 and last traded at $12.41. Approximately 2,545,762 shares were traded during mid-day trading, a decline of 3% from the average daily volume of 2,636,430 shares. The stock had previously closed at $11.66.
IMMU has been the subject of a number of other reports. Zacks Investment Research upgraded Immunomedics from a “sell” rating to a “buy” rating and set a $9.50 target price for the company in a research note on Tuesday, July 11th. BidaskClub downgraded Immunomedics from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Finally, Cowen and Company restated an “outperform” rating and issued a $15.00 target price on shares of Immunomedics in a research note on Monday, July 24th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $15.33.
In other Immunomedics news, Director Cynthia L. Goldenberg sold 40,000 shares of Immunomedics stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $9.24, for a total value of $369,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David M. Goldenberg sold 20,000 shares of Immunomedics stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $12.64, for a total value of $252,800.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 100,000 shares of company stock valued at $1,051,200. 6.60% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of the business. FMR LLC boosted its stake in Immunomedics by 260.6% in the second quarter. FMR LLC now owns 5,496,851 shares of the biopharmaceutical company’s stock valued at $48,537,000 after acquiring an additional 3,972,388 shares during the period. State Street Corp boosted its position in shares of Immunomedics by 37.2% during the second quarter. State Street Corp now owns 4,818,847 shares of the biopharmaceutical company’s stock worth $42,549,000 after buying an additional 1,305,298 shares during the period. Vanguard Group Inc. boosted its position in shares of Immunomedics by 2.4% during the second quarter. Vanguard Group Inc. now owns 4,522,091 shares of the biopharmaceutical company’s stock worth $39,930,000 after buying an additional 105,558 shares during the period. Farallon Capital Management LLC boosted its position in shares of Immunomedics by 1.7% during the second quarter. Farallon Capital Management LLC now owns 4,227,500 shares of the biopharmaceutical company’s stock worth $37,329,000 after buying an additional 72,500 shares during the period. Finally, Redmile Group LLC acquired a new position in shares of Immunomedics during the first quarter worth approximately $21,874,000. Institutional investors own 57.36% of the company’s stock.
The firm’s market capitalization is $1.38 billion. The stock has a 50-day moving average of $11.78 and a 200 day moving average of $8.54.
Immunomedics (NASDAQ:IMMU) last posted its quarterly earnings results on Wednesday, August 16th. The biopharmaceutical company reported ($0.25) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by ($0.13). The company had revenue of $0.64 million for the quarter, compared to analysts’ expectations of $0.75 million. During the same period in the previous year, the business earned ($0.17) earnings per share. The firm’s quarterly revenue was down 31.2% on a year-over-year basis. Analysts anticipate that Immunomedics, Inc. will post ($0.53) EPS for the current year.
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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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