Piper Jaffray analyst Joseph Catanzaro notes that Immunomedics (IMMU) presented interim data from the Phase II TROPHY study of sacituzumab govitecan in postchemo/CPI urothelial bladder cancer at ESMO. Overall, the response rate of 29% is consistent with prior Phase I data, but he does believe some could be disappointed by this number as it relates to Seattle Genetics' (SGEN) 44% ORR for EV. Catanzaro would await more mature data before drawing any definitive conclusions on the competitive positioning of sacituzumab and EV in post-chemo/IO UBC, but ultimately believes the SC ORR in a larger cohort is approvable and that both drugs will play important roles in this landscape. He reirerates an Overweight rating and $20 price target on Immunomedics's shares.