Immunomedics, Inc. (IMMU) Sees Significant Drop in Short Interest

Immunomedics, Inc. (NASDAQ:IMMU) saw a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 23,120,634 shares, a drop of 14.6% from the October 13th total of 27,080,391 shares. Approximately 16.9% of the shares of the stock are short sold. Based on an average daily trading volume, of 2,189,840 shares, the short-interest ratio is currently 10.6 days.

In related news, Director Cynthia L. Goldenberg sold 40,000 shares of Immunomedics stock in a transaction on Monday, August 28th. The stock was sold at an average price of $10.72, for a total transaction of $428,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider David M. Goldenberg sold 20,000 shares of Immunomedics stock in a transaction on Friday, September 1st. The shares were sold at an average price of $12.64, for a total value of $252,800.00. The disclosure for this sale can be found here. Insiders have sold 100,000 shares of company stock valued at $1,051,200 in the last three months. 6.60% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Lyon Street Capital LLC purchased a new stake in Immunomedics during the third quarter valued at about $2,097,000. Nicholas Investment Partners LP purchased a new stake in Immunomedics during the third quarter valued at about $4,673,000. Schwab Charles Investment Management Inc. raised its position in Immunomedics by 150.0% during the third quarter. Schwab Charles Investment Management Inc. now owns 468,380 shares of the biopharmaceutical company’s stock valued at $6,548,000 after purchasing an additional 281,032 shares in the last quarter. Trexquant Investment LP raised its position in Immunomedics by 175.7% during the third quarter. Trexquant Investment LP now owns 79,923 shares of the biopharmaceutical company’s stock valued at $1,117,000 after purchasing an additional 50,939 shares in the last quarter. Finally, American International Group Inc. raised its position in Immunomedics by 8.1% during the third quarter. American International Group Inc. now owns 68,533 shares of the biopharmaceutical company’s stock valued at $958,000 after purchasing an additional 5,125 shares in the last quarter. Institutional investors and hedge funds own 61.41% of the company’s stock.

Shares of Immunomedics (NASDAQ IMMU) opened at $10.54 on Wednesday. Immunomedics has a 12-month low of $2.55 and a 12-month high of $14.48. The company has a debt-to-equity ratio of -0.29, a current ratio of 0.74 and a quick ratio of 0.74.

Immunomedics (NASDAQ:IMMU) last released its quarterly earnings results on Wednesday, August 16th. The biopharmaceutical company reported ($0.25) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.13). The business had revenue of $0.64 million during the quarter, compared to analyst estimates of $0.75 million. During the same quarter last year, the firm earned ($0.17) EPS. The firm’s quarterly revenue was down 31.2% on a year-over-year basis. research analysts predict that Immunomedics will post -0.86 earnings per share for the current year.

IMMU has been the subject of several research analyst reports. Jefferies Group LLC lifted their price objective on Immunomedics from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Monday, October 9th. Zacks Investment Research upgraded Immunomedics from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research report on Wednesday, October 4th. BidaskClub upgraded Immunomedics from a “hold” rating to a “buy” rating in a research report on Wednesday, August 23rd. Finally, Cowen and Company restated an “outperform” rating and set a $15.00 price target on shares of Immunomedics in a research report on Monday, July 24th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $15.33.

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Immunomedics Company Profile

Immunomedics, Inc is a clinical-stage biopharmaceutical company. The Company is engaged in developing monoclonal antibody-based products for the targeted treatment of cancer, autoimmune disorders and other serious diseases. Its geographic segments include United States and Europe. Its technologies allow it to create humanized antibodies that can be used either alone in unlabeled or naked form, or conjugated with radioactive isotopes, chemotherapeutics, cytokines or toxins.

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