Daiichi today reported updated Phase I data for its TROP2 antibody drug conjugate DS-1062 in non-small cell lung cancer, and while the drug's efficacy continues to impress, there do appear to be some safety signals popping up, Piper Jaffray analyst Joseph Catanzaro tells investors in a research note. Specifically, dose-limiting toxicities associated with skin rash/stomatitis were reported, which is notable as development of Pfizer's (PFE) TROP2 antibody drug conjugate was discontinued for excess skin rash and mucosa toxicity, adds the analyst. These data may or may not dampen concerns around DS-1062 being a competitive threat to Immunomedics' sacituzumab, says Catanzaro. However, he continues to believe Immunomedics is "very well-positioned" within triple-negative breast cancer and urothelial bladder cancer. The analyst reiterates an Overweight rating on the shares with a $20 price target. Following Daiichi's data, shares of Immunomedics are up 8% to $14.30.