Wells Fargo analyst Jim Birchenough raised his price target for Immunomedics to $31 from $25 following review of updated data at the American Society of Clinical Oncology meeting for TROP2-targeted antibody drug conjugate in relapsed/refractory ER+ breast cancer. Overall, the analyst believes that response rate of 31% with median response duration of 7.4 months is in line with that supporting breakthrough designation and accelerated approval filing in triple negative breast cancer, and believes the shares are undervalued relative to aggregate opportunity in TNBC, ER+ breast cancer, urothelial cancer and other TROP2+ cancers. Birchenough reiterates an Outperform rating on the stock.