Todays Report: Today, The Zacks Investment Research Downgrade Immunomedics Inc. (IMMU) to Hold

Today, The Zacks Investment Research Downgrade Immunomedics Inc. (IMMU) to Hold

Immunomedics Inc. (NASDAQ:IMMU) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

According to Zacks, “Immunomedics Inc. is a New Jersey-based biopharmaceutical company focused on the development of monoclonal, antibody-based products for the targeted treatment of cancer, autoimmune and other serious diseases. They have developed a number of advanced proprietary technologies that allow us to create humanized antibodies that can be used either alone in unlabeled or naked form, or conjugated with radioactive isotopes, chemotherapeutics or toxins, in each case to create highly targeted agents. Using these technologies, the company have built a pipeline of therapeutic product candidates that utilize several different mechanisms of action. They have recently licensed its lead product candidate, epratuzumab, to UCB, S.A. for the treatment of all autoimmune disease indications worldwide. “

Separately, Jefferies Group assumed coverage on Immunomedics in a research note on Thursday, October 6th. They set a “buy” rating and a $5.50 price objective for the company.

Shares of Immunomedics (NASDAQ:IMMU) traded down 1.70% on Tuesday, reaching $3.47. The company had a trading volume of 756,644 shares. The stock has a 50 day moving average price of $2.52 and a 200-day moving average price of $2.92. The company’s market capitalization is $367.62 million. Immunomedics has a 12 month low of $1.61 and a 12 month high of $5.44.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Oppenheimer & Co. Inc. raised its position in shares of Immunomedics by 18.0% in the third quarter. Oppenheimer & Co. Inc. now owns 32,770 shares of the biopharmaceutical company’s stock valued at $107,000 after buying an additional 5,000 shares during the last quarter. BlackRock Group LTD raised its position in shares of Immunomedics by 108.6% in the second quarter. BlackRock Group LTD now owns 46,962 shares of the biopharmaceutical company’s stock valued at $109,000 after buying an additional 24,444 shares during the last quarter. Creative Planning raised its position in shares of Immunomedics by 0.9% in the second quarter. Creative Planning now owns 58,485 shares of the biopharmaceutical company’s stock valued at $136,000 after buying an additional 510 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Immunomedics during the second quarter valued at approximately $161,000. Finally, HighTower Advisors LLC raised its position in shares of Immunomedics by 1.1% in the third quarter. HighTower Advisors LLC now owns 54,465 shares of the biopharmaceutical company’s stock valued at $180,000 after buying an additional 600 shares during the last quarter. Institutional investors own 49.10% of the company’s stock.

About Immunomedics

Immunomedics, Inc is a clinical-stage biopharmaceutical company developing monoclonal antibody-based products for the targeted treatment of cancer, autoimmune disorders and other serious diseases. The Company’s technologies allow it to create humanized antibodies in unlabeled or naked form, or conjugated with radioactive isotopes, chemotherapeutics, cytokines or toxins.

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