Immunomedics (NASDAQ:IMMU) Raised to Buy at Zacks Investment Research

Immunomedics (NASDAQ:IMMU) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, Zacks.com reports. The brokerage presently has a $36.00 target price on the biopharmaceutical company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 4.41% from the company’s current price.

According to Zacks, “Immunomedics reported a narrower-than-expected loss in the first quarter. The company got a significant boost with the recent FDA approval for its lead drug, Trodelvy, an antibody-drug conjugate (ADC), for the treatment of patients with mTNBC. The commercial launch of the drug is underway. The successful commercialization of the drug will bring in sales for the company. Meanwhile, Trodelvy is being evaluated in several label expansion studies, including earlier-line settings for breast cancer and other cancer indications. A late-stage study on the candidate was recently halted due to its compelling efficacy. Immunomedics is also evaluating acituzumab in other cancer types. A potential label expansion of the drug will further boost growth prospects. However, competition is stiff from bigwigs in the market. Pipeline setbacks will also weigh on shares.”

Other equities analysts have also recently issued research reports about the stock. Goldman Sachs Group upgraded shares of Immunomedics from a “sell” rating to a “neutral” rating and upped their target price for the company from $5.00 to $22.00 in a research note on Thursday, April 23rd. BidaskClub upgraded shares of Immunomedics from a “sell” rating to a “hold” rating in a research report on Friday, June 19th. Barclays assumed coverage on shares of Immunomedics in a research report on Monday, May 4th. They issued an “overweight” rating and a $40.00 target price for the company. Guggenheim boosted their target price on shares of Immunomedics from $35.00 to $39.00 and gave the company a “buy” rating in a research note on Thursday, April 23rd. Finally, Piper Sandler raised their price target on Immunomedics from $30.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 22nd. Three research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $34.14.

NASDAQ IMMU traded up $0.25 during mid-day trading on Tuesday, reaching $34.48. The stock had a trading volume of 21,565 shares, compared to its average volume of 4,408,362. The stock has a market cap of $7.88 billion, a PE ratio of -18.84 and a beta of 3.35. Immunomedics has a 1 year low of $8.80 and a 1 year high of $37.25. The company has a debt-to-equity ratio of 0.05, a current ratio of 8.37 and a quick ratio of 8.37. The company has a fifty day moving average price of $33.38 and a 200 day moving average price of $22.63.

Immunomedics (NASDAQ:IMMU) last posted its earnings results on Wednesday, May 6th. The biopharmaceutical company reported ($0.44) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.46) by $0.02. During the same period in the prior year, the business posted ($0.46) earnings per share. As a group, equities research analysts expect that Immunomedics will post -1.47 earnings per share for the current year.

In other news, Director Avoro Capital Advisors Llc purchased 1,750,000 shares of the company’s stock in a transaction on Friday, May 1st. The stock was acquired at an average cost of $28.50 per share, for a total transaction of $49,875,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 9.40% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of IMMU. State Street Corp boosted its holdings in Immunomedics by 4.3% during the 1st quarter. State Street Corp now owns 7,075,710 shares of the biopharmaceutical company’s stock valued at $95,381,000 after acquiring an additional 293,759 shares during the period. Avidity Partners Management LP boosted its position in Immunomedics by 252.1% during the 1st quarter. Avidity Partners Management LP now owns 493,000 shares of the biopharmaceutical company’s stock valued at $6,646,000 after acquiring an additional 353,000 shares in the last quarter. Pathstone Family Office LLC bought a new stake in Immunomedics during the 1st quarter valued at $40,000. Telemus Capital LLC purchased a new position in shares of Immunomedics in the 1st quarter valued at $354,000. Finally, Rice Hall James & Associates LLC raised its holdings in Immunomedics by 0.9% in the first quarter. Rice Hall James & Associates LLC now owns 1,061,014 shares of the biopharmaceutical company’s stock worth $14,302,000 after purchasing an additional 9,543 shares in the last quarter. Institutional investors and hedge funds own 76.37% of the company’s stock.

Immunomedics Company Profile

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.

Featured Story: Roth IRA

Get a free copy of the Zacks research report on Immunomedics (IMMU)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Immunomedics (NASDAQ:IMMU)

Receive News & Ratings for Immunomedics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Immunomedics and related companies with MarketBeat.com's FREE daily email newsletter.