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Fly News Breaks for January 22, 2019
IMMU
Jan 22, 2019 | 05:19 EDT
Piper Jaffray analyst Joseph Catanzaro lowered his price target for Immunomedics to $20 after the company received a Complete Response Letter from the FDA for sacituzumab govitecan for the treatment of patients with metastatic triple-negative breast cancer who have received at least two prior therapies for metastatic disease. While acknowledging the "limited visibility" going forward, the analyst ultimately believes that the manufacturing issues can be resolved. He has a "hard time completely dismissing the long-term value of sacituzumab." Catanzaro pushed a possible U.S. launch into mid-2020 but finds the shares of Immunomedics undervalued at current levels. He keeps an Overweight rating on Immunomedics.
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