Immunomedics, Inc. (NASDAQ:IMMU) saw a significant decrease in short interest during the month of June. As of June 15th, there was short interest totalling 24,537,779 shares, a decrease of 12.2% from the May 31st total of 27,938,918 shares. Based on an average trading volume of 4,391,738 shares, the days-to-cover ratio is presently 5.6 days. Approximately 17.0% of the shares of the company are sold short.
NASDAQ:IMMU opened at $23.16 on Thursday. The company has a debt-to-equity ratio of 2.81, a current ratio of 3.94 and a quick ratio of 3.94. Immunomedics has a 12-month low of $7.17 and a 12-month high of $26.48. The stock has a market cap of $4.01 billion, a P/E ratio of -28.59 and a beta of 1.51.
Immunomedics (NASDAQ:IMMU) last released its earnings results on Wednesday, May 9th. The biopharmaceutical company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.06). The company had revenue of $0.50 million during the quarter, compared to analysts’ expectations of $4.27 million. Immunomedics’s revenue was down 61.5% on a year-over-year basis. research analysts anticipate that Immunomedics will post -1.14 EPS for the current year.
A number of brokerages have commented on IMMU. ValuEngine cut Immunomedics from a “strong-buy” rating to a “buy” rating in a research report on Monday, June 11th. B. Riley began coverage on Immunomedics in a research report on Thursday, June 7th. They issued a “buy” rating and a $53.00 price target for the company. Wells Fargo & Co upped their price target on Immunomedics from $25.00 to $31.00 and gave the stock an “outperform” rating in a research report on Monday, June 4th. BidaskClub upgraded Immunomedics from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 25th. Finally, Zacks Investment Research upgraded Immunomedics from a “sell” rating to a “hold” rating in a research report on Wednesday, May 16th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Immunomedics has a consensus rating of “Buy” and a consensus target price of $28.20.
In related news, Director Venbio Select Advisor Llc purchased 575,000 shares of Immunomedics stock in a transaction on Friday, June 15th. The stock was acquired at an average price of $24.00 per share, for a total transaction of $13,800,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 14.80% of the stock is currently owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in IMMU. Schwab Charles Investment Management Inc. grew its position in shares of Immunomedics by 10.4% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 517,259 shares of the biopharmaceutical company’s stock worth $8,359,000 after purchasing an additional 48,879 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of Immunomedics during the fourth quarter worth about $524,000. California Public Employees Retirement System grew its position in shares of Immunomedics by 14.1% during the fourth quarter. California Public Employees Retirement System now owns 176,417 shares of the biopharmaceutical company’s stock worth $2,851,000 after purchasing an additional 21,770 shares in the last quarter. First Trust Advisors LP purchased a new stake in shares of Immunomedics during the fourth quarter worth about $2,248,000. Finally, Wells Fargo & Company MN grew its position in shares of Immunomedics by 32.0% during the fourth quarter. Wells Fargo & Company MN now owns 388,937 shares of the biopharmaceutical company’s stock worth $6,285,000 after purchasing an additional 94,372 shares in the last quarter. Hedge funds and other institutional investors own 74.32% of the company’s stock.
Immunomedics Company Profile
Immunomedics, Inc, a clinical-stage biopharmaceutical company, focuses on the development of monoclonal antibody-based products for the targeted treatment of cancer, autoimmune disorders, and other diseases. The company engages in developing antibody-drug conjugate (ADC) products comprising IMMU-132, an ADC that contains SN-38, which is in Phase II trials used for the treatment of patients with metastatic triple-negative breast cancer, and small-cell and non-small-cell lung cancers; IMMU-130, an anti-CEACAN5-SN-38 ADC that is in Phase II trials for the treatment of solid tumors and metastatic colorectal cancer; and IMMU-140 that targets HLA-DR for the potential treatment of liquid cancers.
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