UPDATE: H.C. Wainwright Starts Immunomedics (IMMU) at Buy

(updated to add analyst comment)

H.C. Wainwright analyst Raghuram Selvaraju initiates coverage on Immunomedics (NASDAQ: IMMU) with a Buy rating and a price target of $28.00.

• We believe IMMU-132 would be particularly applicable in second- and third-line triple-negative breast cancer (TNBC), where it has shown a landscape-leading 37% objective response rate (ORR) vs. 11-17% for various chemotherapy regimens; a 5.5-month median progression-free survival (mPFS) period vs. 2-4 months for current standard-of-care treatments; and median overall survival (mOS) of 13 months, which is in-line with the best results achieved thus far with chemotherapy. In our view, the drug's efficacy profile should only improve as it migrates towards earlier settings in the treatment continuum. IMMU-132 could achieve blockbuster status in TNBC alone, in our view."

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 $16.55 yesterday.

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