Immunomedics (IMMU) Trading 6.7% Higher

Immunomedics, Inc. (NASDAQ:IMMU)’s share price traded up 6.7% during trading on Thursday . The company traded as high as $24.20 and last traded at $24.03. 1,808,220 shares were traded during trading, a decline of 16% from the average session volume of 2,141,359 shares. The stock had previously closed at $22.53.

A number of equities analysts recently commented on the stock. Zacks Investment Research downgraded shares of Immunomedics from a “hold” rating to a “sell” rating in a research note on Thursday, July 12th. BidaskClub downgraded shares of Immunomedics from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 26th. Goldman Sachs Group assumed coverage on shares of Immunomedics in a research note on Monday, September 17th. They set a “buy” rating and a $36.00 target price for the company. B. Riley boosted their target price on shares of Immunomedics from $53.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, August 24th. Finally, Guggenheim assumed coverage on shares of Immunomedics in a research note on Tuesday, September 18th. They set a “buy” rating and a $33.00 target price for the company. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $38.00.

The company has a current ratio of 14.83, a quick ratio of 14.83 and a debt-to-equity ratio of 0.05.

Immunomedics (NASDAQ:IMMU) last announced its quarterly earnings results on Thursday, August 23rd. The biopharmaceutical company reported ($0.68) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.46). Immunomedics had a negative net margin of 12,701.21% and a negative return on equity of 124.54%. The company had revenue of $0.40 million during the quarter, compared to analysts’ expectations of $4.27 million. During the same period last year, the firm earned ($0.48) earnings per share. Immunomedics’s revenue was down 33.3% on a year-over-year basis. Research analysts expect that Immunomedics, Inc. will post -1.09 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in IMMU. Cubist Systematic Strategies LLC lifted its position in Immunomedics by 831.8% in the first quarter. Cubist Systematic Strategies LLC now owns 20,657 shares of the biopharmaceutical company’s stock valued at $302,000 after acquiring an additional 18,440 shares during the last quarter. Legal & General Group Plc lifted its position in Immunomedics by 100.7% in the first quarter. Legal & General Group Plc now owns 52,358 shares of the biopharmaceutical company’s stock valued at $765,000 after acquiring an additional 26,270 shares during the last quarter. Royal Bank of Canada lifted its position in Immunomedics by 4,518.2% in the first quarter. Royal Bank of Canada now owns 156,326 shares of the biopharmaceutical company’s stock valued at $2,284,000 after acquiring an additional 152,941 shares during the last quarter. Xact Kapitalforvaltning AB lifted its position in Immunomedics by 54.5% in the first quarter. Xact Kapitalforvaltning AB now owns 18,418 shares of the biopharmaceutical company’s stock valued at $269,000 after acquiring an additional 6,500 shares during the last quarter. Finally, WINTON GROUP Ltd purchased a new stake in Immunomedics in the first quarter valued at $383,000. 78.19% of the stock is owned by hedge funds and other institutional investors.

About Immunomedics (NASDAQ:IMMU)

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.

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