Immunomedics, Inc. (NASDAQ:IMMU)’s share price rose 6.4% during mid-day trading on Monday after Jefferies Group raised their price target on the stock from $14.00 to $16.00. Jefferies Group currently has a buy rating on the stock. Immunomedics traded as high as $12.64 and last traded at $12.41. Approximately 2,545,762 shares were traded during mid-day trading, a decline of 3% from the average daily volume of 2,636,430 shares. The stock had previously closed at $11.66.
A number of other equities analysts have also recently issued reports on the stock. BidaskClub upgraded shares of Immunomedics from a “hold” rating to a “buy” rating in a research note on Wednesday, August 23rd. Zacks Investment Research upgraded shares of Immunomedics from a “sell” rating to a “buy” rating and set a $9.50 price objective for the company in a research note on Tuesday, July 11th. Finally, Cowen and Company restated an “outperform” rating and issued a $15.00 price objective on shares of Immunomedics in a research note on Monday, July 24th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Immunomedics has a consensus rating of “Buy” and an average price target of $15.33.
In related news, Director Cynthia L. Goldenberg sold 40,000 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $9.24, for a total transaction of $369,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David M. Goldenberg sold 20,000 shares of the stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $12.64, for a total transaction of $252,800.00. The disclosure for this sale can be found here. Insiders have sold a total of 100,000 shares of company stock valued at $1,051,200 in the last quarter. 6.60% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in IMMU. Amalgamated Bank increased its position in shares of Immunomedics by 8.1% during the 2nd quarter. Amalgamated Bank now owns 12,911 shares of the biopharmaceutical company’s stock worth $114,000 after purchasing an additional 966 shares in the last quarter. Stephens Inc. AR acquired a new stake in shares of Immunomedics during the 2nd quarter worth about $115,000. Raymond James Financial Services Advisors Inc. increased its position in shares of Immunomedics by 11.4% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 14,400 shares of the biopharmaceutical company’s stock worth $127,000 after purchasing an additional 1,473 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Immunomedics by 99.3% during the 2nd quarter. SG Americas Securities LLC now owns 20,719 shares of the biopharmaceutical company’s stock worth $183,000 after purchasing an additional 10,323 shares in the last quarter. Finally, Bank of America Corp DE increased its position in shares of Immunomedics by 38.8% during the 1st quarter. Bank of America Corp DE now owns 33,707 shares of the biopharmaceutical company’s stock worth $218,000 after purchasing an additional 9,426 shares in the last quarter. Institutional investors and hedge funds own 57.36% of the company’s stock.
The stock has a 50 day moving average price of $11.98 and a 200 day moving average price of $8.65. The stock’s market capitalization is $1.34 billion.
Immunomedics (NASDAQ:IMMU) last posted its quarterly earnings data on Wednesday, August 16th. The biopharmaceutical company reported ($0.25) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by ($0.13). The company had revenue of $0.64 million for the quarter, compared to analyst estimates of $0.75 million. During the same period last year, the company earned ($0.17) earnings per share. The firm’s revenue for the quarter was down 31.2% compared to the same quarter last year. On average, equities analysts expect that Immunomedics, Inc. will post ($0.53) earnings per share for the current fiscal year.
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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