Goldman Sachs analyst Paul Choi started Immunomedics with a Buy rating and $36 price target. The analyst expects IMMU-132, Immunomedics' first drug, to be approved in early 2019 for use in third-line, triple negative breast cancer. He sees the drug "garnering solid market share" despite some modest safety issues, particularly given the limited options for this population. Choi initiated coverage of the smid-cap biotech sector with a Neutral coverage view. The analyst views sector fundamentals as healthy but says high valuations temper his enthusiasm.