Jefferies maintained a Hold rating on Immunomedics (NASDAQ: IMMU), and cut the price target to $1.50 (from $2.00), after the company decided to discontinue the ph 3 PANCRIT-1 trial testing clivatuzumab. The decision comes as a result of interim futility analysis by the independent Data and Safety Monitoring Board. The analysis compared the effect of clivatuzumab, plus low-dose gemcitabine, and best supportive care to the corresponding placebo arm after 50% of the required 371 deaths had occurred.

Analyst Chris Howerton commented, "As a result of an interim futility analysis by the DSMB, IMMU has discontinued the ph 3 PANCRIT-1 trial testing clivatuzumab in metastatic pancreatic cancer (mPC). As a result, we have removed clivatuzumab related revs. (~$77M at peak), lowered both R&D and SG&A expenses, and reduced our PT to $1.50 (vs $2 prev). Upcoming catalysts for IMMU include incremental data updates at AACR (Apr 16-20) and pot'l partnership announcement for '132."

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Shares of Immunomedics closed at $2.65 yesterday.