After Immunomedics disclosed last night that it has received an Establishment Inspection Report, or EIR, from the FDA, Goldman Sachs analyst Paul Choi said that management indicated the report identified no additional issues compared to the original Form 483 and Complete Response Letter previously issued, but did include details they expect to be helpful in addressing FDA concerns. The EIR is the first step to resolving the CRL, but visibility on the timing of the remaining steps remains limited, said Choi. The analyst, who maintains his conservative view that the entire process will delay the launch of IMMU-132 until 2021, has a Buy rating and $22 price target on Immunomedics shares.