Immunomedics, Inc. (NASDAQ: IMMU)
Immunomedics, Inc. (IMMU), a clinical stage biopharmaceutical Company today announced positive results regarding its Phase 2 drug sacituzumab govitecan which helps patients with metastatic lung cancer.
Immunomedics, Inc. CEO’s Comments
“Based on these compelling results, we consider both NSCLC (non-small-cell lung cancer) and SCLC (small-cell lung cancer) to be of primary interest, along with triple-negative breast, esophageal, urothelial, and colorectal cancers, for further study with sacituzumab govitecan,” remarked Cynthia L. Sullivan, President and Chief Executive Officer of Immunomedics. “Updated results in these other solid cancers are expected at future national and international cancer conferences,” Ms. Sullivan added. Globe Newswire
IMMU Technical Analysis
IMMU gapped up today in price to $2.54 up from Friday’s close of $2.15 which is a 15% increase in price based on favorable news. Taking a look at the daily chart we can see the stock traded at $3.71 back on July 27. After that the stock took a steep decline and two day later was trading at $2.11 based on drug epratuzumab failing Phase 3 study which lead a law firm to investigate whether the company possibly violated federal security laws. Taking a further look down the chart we can see the stock traded at $5.03 back on June 8 so we can see the stock has been very volatile the past 3 months. The stock is trading up on heavy volume and reached a pre market high of $2.86. Which means it did give back $0.32 or 11% at the open which is a bit concerning showing that the stock may be a little overextended at these levels. For trading purposes I would use $2.65 as my entry point (which was the last pre-market spike before the open) with a possible add on at $2.86 looking for a run to $3.00. My stop loss would be $2.50 fearing anything below that and the stock will start to fill in the gap up.
Immunomedics, Inc., a clinical-stage biopharmaceutical company, focuses on the development of monoclonal antibody-based products for the targeted treatment of cancer, autoimmune, and other diseases. The company is developing Yttrium-90-labeled clivatuzumab tetraxetan, which is in Phase III registration study used for the treatment of pancreatic cancer. It is also developing antibody-drug conjugate (ADC) products comprising IMMU-132, an ADC that contains SN-38, which is in Phase II trials used for the treatment of patients with metastatic triple-negative breast cancer, and small-cell and non-small-cell lung cancers; IMMU-130, an anti-CEACAM5-SN-38 ADC that is in Phase II trials for the treatment of metastatic colorectal cancer; and epratuzumab, which is in two Phase III clinical trials for the treatment of systemic lupus erythematosus. Its early-stage products include Veltuzumab, a humanized monoclonal antibody targeting CD20 receptors on B lymphocytes for the treatment of non-Hodgkin lymphoma (NHL) and autoimmune diseases; Milatuzumab, a humanized monoclonal antibody targeting tumors that expresses the CD74 antigen, which is in Phase 1 studies; Yttrium-90-Labeled Epratuzumab Tetraxetan, a radiolabeled anti-CD22 investigational product candidate for patients with NHL or acute lymphoblastic leukemia; and IMMU-114, a novel humanized antibody for the treatment of patients with B-cell cancers. The company also provides LeukoScan, a diagnostic imaging product for diagnostic imaging to determine the location and extent of infection/inflammation in bone. In addition, it offers other product candidates for the treatment of solid tumors and hematologic malignancies, as well as other diseases, which are in various stages of clinical and pre-clinical development. The company has a collaboration agreement with Algeta ASA for the development of epratuzumab. Immunomedics, Inc. was founded in 1982 and is headquartered in Morris Plains, New Jersey. Yahoo Finance