Zacks Investment Research Upgrades Immunomedics (IMMU) to “Buy”

Immunomedics (NASDAQ:IMMU) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday, Zacks.com reports. The firm currently has a $21.00 price objective on the biopharmaceutical company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 13.45% from the company’s previous close.

According to Zacks, “Immunomedics Inc. is a New Jersey-based biopharmaceutical company focused on the development of monoclonal, antibody-based products for the targeted treatment of cancer, autoimmune and other serious diseases. They have developed a number of advanced proprietary technologies that allow us to create humanized antibodies that can be used either alone in unlabeled or naked form, or conjugated with radioactive isotopes, chemotherapeutics or toxins, in each case to create highly targeted agents. Using these technologies, the company have built a pipeline of therapeutic product candidates that utilize several different mechanisms of action. They have recently licensed its lead product candidate, epratuzumab, to UCB, S.A. for the treatment of all autoimmune disease indications worldwide. “

IMMU has been the subject of a number of other research reports. ValuEngine upgraded shares of Immunomedics from a “buy” rating to a “strong-buy” rating in a research report on Thursday, March 14th. Wells Fargo & Co downgraded shares of Immunomedics from an “outperform” rating to a “market perform” rating and cut their price target for the company from $44.00 to $18.00 in a report on Friday, January 18th. Piper Jaffray Companies cut their price target on shares of Immunomedics to $20.00 and set an “overweight” rating for the company in a report on Tuesday, January 22nd. Jefferies Financial Group set a $21.00 price target on shares of Immunomedics and gave the company a “buy” rating in a report on Friday, January 18th. Finally, Cowen reissued a “buy” rating and issued a $30.00 price target on shares of Immunomedics in a report on Friday, January 18th. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $28.45.

Shares of IMMU opened at $18.51 on Friday. The stock has a market capitalization of $3.52 billion, a P/E ratio of -17.97 and a beta of 2.11. The company has a debt-to-equity ratio of 0.06, a current ratio of 13.45 and a quick ratio of 13.45. Immunomedics has a 52-week low of $11.55 and a 52-week high of $27.33.

Immunomedics (NASDAQ:IMMU) last announced its earnings results on Monday, February 25th. The biopharmaceutical company reported ($0.50) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.34) by ($0.16). Equities research analysts expect that Immunomedics will post -1.38 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the business. Exane Derivatives purchased a new stake in Immunomedics during the fourth quarter valued at about $32,000. Karp Capital Management Corp purchased a new stake in Immunomedics during the fourth quarter valued at about $33,000. North Star Investment Management Corp. purchased a new stake in Immunomedics during the fourth quarter valued at about $50,000. Pearl River Capital LLC purchased a new stake in Immunomedics during the fourth quarter valued at about $66,000. Finally, Amundi Pioneer Asset Management Inc. purchased a new stake in Immunomedics during the fourth quarter valued at about $84,000. 85.22% of the stock is owned by institutional investors.

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.

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