Zacks Investment Research Lowers Immunomedics, Inc. (IMMU) to Hold
Immunomedics, Inc. (NASDAQ:IMMU) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday.
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. “
Other equities analysts have also issued reports about the company. Jefferies Group LLC set a $9.00 price objective on Immunomedics and gave the stock a “buy” rating in a report on Saturday, May 6th. BidaskClub lowered Immunomedics from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. ValuEngine raised Immunomedics from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Cowen and Company reaffirmed an “outperform” rating and set a $15.00 price target on shares of Immunomedics in a research note on Monday, July 24th. Finally, Wells Fargo & Company raised Immunomedics from a “market perform” rating to an “outperform” rating in a research note on Friday, May 5th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $12.00.
Immunomedics (NASDAQ IMMU) traded down 5.61% during mid-day trading on Thursday, hitting $7.74. The stock had a trading volume of 1,784,407 shares. The stock’s market cap is $848.33 million. Immunomedics has a 12-month low of $2.02 and a 12-month high of $9.51. The company has a 50-day moving average of $8.62 and a 200-day moving average of $6.76.
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A number of institutional investors have recently modified their holdings of IMMU. Vanguard Group Inc. raised its position in shares of Immunomedics by 11.9% in the first quarter. Vanguard Group Inc. now owns 4,416,533 shares of the biopharmaceutical company’s stock worth $28,574,000 after buying an additional 468,314 shares during the last quarter. State Street Corp raised its position in shares of Immunomedics by 118.2% in the first quarter. State Street Corp now owns 3,513,549 shares of the biopharmaceutical company’s stock worth $22,730,000 after buying an additional 1,903,355 shares during the last quarter. Redmile Group LLC purchased a new position in shares of Immunomedics during the first quarter worth about $21,874,000. FMR LLC raised its position in shares of Immunomedics by 34.6% in the first quarter. FMR LLC now owns 1,524,463 shares of the biopharmaceutical company’s stock worth $9,863,000 after buying an additional 391,815 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its position in shares of Immunomedics by 1,648.0% in the first quarter. Point72 Asset Management L.P. now owns 1,195,613 shares of the biopharmaceutical company’s stock worth $7,736,000 after buying an additional 1,127,213 shares during the last quarter. 62.10% of the stock is owned by hedge funds and other institutional investors.
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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