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Immunomedics Announces Positive Phase 2 Results

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Immunomedics Announces Positive Phase 2 Results PART 1 OF 1

Immunomedics Announces Positive Phase 2 Results

Immunomedics’ rising stock price

Today, Immunomedics (IMMU) announced positive results from a Phase 2 trial evaluating its investigational antibody drug conjugate (or ADC) sacituzumab govitecan in patients suffering from estrogen receptor-positive (or ER+)/human epidermal growth factor receptor 2-negative (or HER2-) metastatic breast cancer who have previously received at least two therapies. The investigational ADC therapy demonstrated an overall response rate of 31% in these heavily pretreated patients.

Immunomedics plans to file its first biologics license application with the FDA later this month for the approval of sacituzumab govitecan for the treatment of metastatic triple-negative breast cancer (mTNBC).

The favorable results from the Phase 2 trial have helped improve investor sentiment, which has helped boost Immunomedics’ stock price.

Immunomedics Announces Positive Phase 2 Results

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Analysts’ recommendations for Immunomedics

Of the three analysts covering Immunomedics this month, two have recommended the company as a “strong buy” and one has recommended it as a “buy.” Wall Street analysts have projected a consensus target price for Immunomedics around $24, which would be a rise of approximately 13.3% over the company’s closing price yesterday.

Analysts’ recommendations for peers

Of the 23 analysts covering Amgen (AMGN), 47.8% recommend a “buy.” About 71.9% of the 32 analysts covering AstraZeneca (AZN) recommend a “buy,” and 40.9% of the 22 analysts tracking Bristol-Myers Squibb (BMY) recommend a “buy.”

Strong cash position

At the end of March 31, Immunomedics had $358.8 million as cash, cash equivalents, and marketable securities on its balance sheet. $250 million was attributable to investments from Royalty Pharma in exchange for royalty rights on worldwide sales of Sacituzumab Govitecan and $75 million worth of Immunomedics’ stock priced at $17.15 per share.  The solid cash position, which can enable Immunomedics to sustain its developmental and operational efforts until 2020, has further increased investor confidence.

Correction: An earlier version of this article suggested that Immunomedics planned to submit a supplemental biologics license application (or sBLA) to the FDA seeking accelerated approval for sacituzumab govitecan in patients suffering from estrogen receptor-positive (or ER+)/human epidermal growth factor receptor 2-negative (or HER2-) metastatic breast cancer who have previously received at least two therapies by the end of the month. However, Immunomedics plans to file its first biologics license application with the FDA later this month for the approval of sacituzumab govitecan for the treatment of metastatic triple-negative breast cancer (mTNBC). We regret this error.

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