Immunomedics, Inc. (IMMU) Trading Up 5.3% After Insider Buying Activity
Shares of Immunomedics, Inc. (NASDAQ:IMMU) were up 5.3% on Thursday after an insider bought additional shares in the company. The stock traded as high as $11.37 and last traded at $11.10. Approximately 3,469,000 shares were traded during mid-day trading, an increase of 12% from the average daily volume of 3,096,672 shares. The stock had previously closed at $10.54.
Specifically, insider Behzad Aghazadeh bought 1,325,000 shares of Immunomedics stock in a transaction on Wednesday, November 15th. The shares were purchased at an average price of $10.47 per share, for a total transaction of $13,872,750.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Cynthia L. Goldenberg sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $9.24, for a total value of $369,600.00. 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 corporate insiders.
A number of brokerages have issued reports on IMMU. Zacks Investment Research upgraded Immunomedics from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a report on Wednesday, October 4th. Jefferies Group LLC raised their target price on Immunomedics from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Monday, October 9th. BidaskClub upgraded Immunomedics from a “hold” rating to a “buy” rating in a report on Wednesday, August 23rd. Finally, Cowen and Company restated an “outperform” rating and set a $15.00 target price on shares of Immunomedics in a report on Monday, July 24th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $15.33.
The company has a debt-to-equity ratio of -0.29, a quick ratio of 0.74 and a current ratio of 0.74.
Immunomedics (NASDAQ:IMMU) last announced its earnings results on Wednesday, August 16th. The biopharmaceutical company reported ($0.25) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.13). The company had revenue of $0.64 million during the quarter, compared to analyst estimates of $0.75 million. During the same quarter in the previous year, the company posted ($0.17) earnings per share. The business’s revenue was down 31.2% compared to the same quarter last year. research analysts predict that Immunomedics, Inc. will post -1.16 earnings per share for the current fiscal year.
Large investors have recently bought and sold shares of the business. Palo Alto Investors LLC acquired a new position in shares of Immunomedics during the 2nd quarter worth approximately $26,582,000. State Street Corp increased its position in shares of Immunomedics by 37.2% during the 2nd quarter. State Street Corp now owns 4,818,847 shares of the biopharmaceutical company’s stock worth $42,549,000 after purchasing an additional 1,305,298 shares during the last quarter. Rhumbline Advisers increased its position in shares of Immunomedics by 11.1% during the 2nd quarter. Rhumbline Advisers now owns 123,491 shares of the biopharmaceutical company’s stock worth $1,090,000 after purchasing an additional 12,375 shares during the last quarter. TD Asset Management Inc. increased its position in shares of Immunomedics by 13.8% during the 2nd quarter. TD Asset Management Inc. now owns 150,400 shares of the biopharmaceutical company’s stock worth $1,328,000 after purchasing an additional 18,200 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Immunomedics by 117.6% during the 2nd quarter. Goldman Sachs Group Inc. now owns 907,623 shares of the biopharmaceutical company’s stock worth $8,015,000 after acquiring an additional 490,544 shares during the last quarter. 61.41% of the stock is currently owned by hedge funds and other institutional investors.
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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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