Immunomedics, Inc. (IMMU) Sees Large Growth in Short Interest

Immunomedics, Inc. (NASDAQ:IMMU) saw a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 22,397,274 shares, a growth of 20.5% from the October 15th total of 18,590,529 shares. Based on an average daily volume of 2,020,671 shares, the days-to-cover ratio is currently 11.1 days. Approximately 13.4% of the shares of the company are sold short.

A number of research analysts recently issued reports on IMMU shares. BidaskClub cut shares of Immunomedics from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 26th. Goldman Sachs Group started coverage on shares of Immunomedics in a research note on Monday, September 17th. They issued a “buy” rating and a $36.00 price objective on the stock. B. Riley lifted their price objective on shares of Immunomedics from $53.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, August 24th. Guggenheim started coverage on shares of Immunomedics in a research note on Tuesday, September 18th. They issued a “buy” rating and a $33.00 price objective on the stock. Finally, Morgan Stanley started coverage on shares of Immunomedics in a research note on Monday, November 5th. They issued an “overweight” rating and a $38.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $38.43.

Shares of NASDAQ:IMMU opened at $21.47 on Friday. The company has a market capitalization of $4.51 billion, a P/E ratio of -20.84 and a beta of 1.93. 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 has a 1 year low of $8.68 and a 1 year high of $27.33.

Immunomedics (NASDAQ:IMMU) last announced its quarterly earnings data on Wednesday, November 7th. The biopharmaceutical company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.06). Immunomedics had a negative net margin of 12,701.21% and a negative return on equity of 124.54%. During the same quarter in the prior year, the firm earned ($0.97) earnings per share. As a group, equities analysts predict that Immunomedics will post -1.11 EPS for the current fiscal year.

Large investors have recently made changes to their positions in the stock. RA Capital Management LLC bought a new position in Immunomedics in the second quarter valued at approximately $73,845,000. Menora Mivtachim Holdings LTD. acquired a new stake in Immunomedics in the second quarter valued at approximately $12,069,000. TD Asset Management Inc. boosted its position in Immunomedics by 25.9% in the second quarter. TD Asset Management Inc. now owns 215,088 shares of the biopharmaceutical company’s stock valued at $5,091,000 after buying an additional 44,288 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Immunomedics by 17.4% in the second quarter. Bank of New York Mellon Corp now owns 705,730 shares of the biopharmaceutical company’s stock valued at $16,705,000 after buying an additional 104,742 shares in the last quarter. Finally, Royal Bank of Canada boosted 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 buying an additional 152,941 shares in the last quarter. 78.28% of the stock is currently owned by institutional investors and hedge funds.

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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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