UPDATE: Immunomedics (IMMU) Shares Pop to Session Highs Following venBio 13D Filing

November 16, 2016 3:46 PM EST

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(Updated - November 16, 2016 3:48 PM EST)

Immunomedics (NASDAQ: IMMU) shares pop to session highs.

UPDATE - venBio Select Advisor filed a 13D on Wednesday showing a 9,564,140 share, or 9 percent, stake in the company. With the filing, venBio said

The Reporting Persons acquired the shares of Common Stock reported herein for investment purposes in the ordinary course of business. The Reporting Persons acquired such shares of Common Stock because they believed that the shares of Common Stock reported herein, when purchased, represented an attractive investment opportunity.

On November 16, 2016, the Investment Manager filed a preliminary proxy statement with the SEC in order to solicit proxies in favor of a proposal to elect Dr. Aghazadeh, Scott Canute, Peter Hutt, and Khalid Islam to the Issuer’s board of directors for the upcoming 2016 annual meeting of stockholders of the Issuer, in opposition to candidates proposed by the Issuer. The preliminary proxy statement also contains separate proposals related to matters proposed in the Issuer’s definitive proxy statement, filed with the SEC on November 2, 2016.

Representatives of the Investment Manager have previously engaged, and may in the future additionally engage, in discussions with members of the Issuer’s management and board of directors, other stockholders and affiliates of any of the foregoing, and other interested persons regarding, among other things, the Issuer’s business, prospects, and strategies to enhance stockholder value, including board composition.

The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors, including, without limitation, the outcome of any discussions referenced above, the Issuer’s financial position and strategic direction, actions taken by the Issuer’s board, price levels of the Common Stock, other investment opportunities available to the Reporting Persons, conditions in the securities market and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as it deems appropriate, including, without limitation, purchasing additional shares of Common Stock and/or other equity, debt, notes, instruments or other securities of the Issuer (collectively, “Securities”), disposing of any or all of its Securities, in the open market or otherwise, at any time and from time to time, and engaging in short selling of or any hedging or similar transactions with respect to the Securities. The Reporting Persons may, at any time and from time to time, review or reconsider their position and/or change their purpose and/or formulate plans or proposals with respect to their investment in the Common Stock.

Except as set forth herein, the Reporting Persons have no present plan or proposal that would relate to or result in any of the matters set forth in subparagraphs (a)-(j) of Item 4 of Schedule 13D.

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