Goldman Sachs Upgrades Immunomedics (IMMU) to Neutral

Goldman Sachs analyst Paul Choi upgraded Immunomedics (NASDAQ: IMMU) from Sell to Neutral with a price target of $22.00 (from $5.00).

The analyst comments "Our thesis that IMMU would not be able to adequately address the manufacturing quality control issues outlined in the recent Form 483 proved to be incorrect, and the early approval of Trodelvy (sacituzumab govitecan) for 3L triple negative breast cancer (TNBC) presents significant upside to our prior estimates. Despite our concerns regarding manufacturing, we have consistently been positive on Trodelvy's commercial potential in 3L TNBC as there is clearly high unmet need and significant KOL enthusiasm. Moreover, the recent early stop of the Phase 3 ASCENT confirmatory study (link) will likely strengthen the data and further support adoption, which ahead of more detailed data (mid-2020) we view as largely understood. With a robust launch expected, we see the debate on the stock pivoting to de-risking of other indications, commercial partnering/business development, and IMMU's strategic appeal."

For an analyst ratings summary and ratings history on Immunomedics click here. For more ratings news on Immunomedics click here.

Shares of Immunomedics closed at $21.97 yesterday.

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