Immunomedics, Inc. (IMMU) Sees Large Decline in Short Interest
Immunomedics, Inc. (NASDAQ:IMMU) was the target of a large decrease in short interest in September. As of September 29th, there was short interest totalling 29,775,931 shares, a decrease of 14.0% from the September 15th total of 34,616,695 shares. Approximately 21.3% of the shares of the company are short sold. Based on an average trading volume of 2,956,373 shares, the short-interest ratio is presently 10.1 days.
Shares of Immunomedics (IMMU) opened at 11.59 on Friday. The firm’s market capitalization is $1.29 billion. Immunomedics has a 12 month low of $2.02 and a 12 month high of $14.48. The firm has a 50-day moving average price of $12.10 and a 200 day moving average price of $8.69.
Immunomedics (NASDAQ:IMMU) last announced its quarterly earnings results on Wednesday, August 16th. The biopharmaceutical company reported ($0.25) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by ($0.13). The company had revenue of $0.64 million during the quarter, compared to analyst estimates of $0.75 million. Immunomedics’s quarterly revenue was down 31.2% compared to the same quarter last year. During the same quarter last year, the company posted ($0.17) earnings per share. On average, analysts anticipate that Immunomedics will post ($0.53) EPS for the current fiscal year.
IMMU has been the topic of several research reports. Zacks Investment Research lowered Immunomedics from a “buy” rating to a “hold” rating in a research report on Thursday, August 10th. Jefferies Group LLC increased their target price on Immunomedics from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Tuesday, September 19th. BidaskClub lowered Immunomedics from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. Finally, Cowen and Company reaffirmed an “outperform” rating and issued a $15.00 target price on shares of Immunomedics in a research report on Monday, July 24th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $15.33.
In related news, insider David M. Goldenberg sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $12.64, for a total transaction of $252,800.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Cynthia L. Goldenberg sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $10.72, for a total value of $428,800.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 100,000 shares of company stock worth $1,051,200. Corporate insiders own 6.60% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Lord Abbett & CO. LLC bought a new position in Immunomedics in the 2nd quarter valued at $10,570,000. Raymond James Financial Services Advisors Inc. raised its position in Immunomedics by 11.4% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 14,400 shares of the biopharmaceutical company’s stock valued at $127,000 after purchasing an additional 1,473 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Immunomedics by 2.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 79,520 shares of the biopharmaceutical company’s stock valued at $702,000 after purchasing an additional 1,763 shares during the last quarter. State Street Corp raised its position in Immunomedics by 37.2% in the 2nd quarter. State Street Corp now owns 4,818,847 shares of the biopharmaceutical company’s stock valued at $42,549,000 after purchasing an additional 1,305,298 shares during the last quarter. Finally, Gotham Asset Management LLC bought a new position in Immunomedics in the 2nd quarter valued at $2,388,000. Hedge funds and other institutional investors own 57.36% of the company’s stock.
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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