Jefferies Assumes Immunomedics (IMMU) at Buy
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Jefferies assumes coverage on Immunomedics (NASDAQ: IMMU) with a Buy rating and a price target of $5.50 (from $5.00).
Analyst Matthew Andrews commented, "Assuming coverage with a Buy Rating and $5.50 price target. IMMU-132 has generated promising results in Triple Negative breast cancer and we believe clin/reg/CMC progress in 2016 sets the stage for a deal in the coming months ahead of Ph. III start by late 2016/early 2017. Based on '132's TNBC profile and FDA precedent, we assign a 55% probability of Accelerated Approval (AA) based on Ph. II data in 2018."
Shares of Immunomedics closed at $2.50 yesterday.
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