Immunomedics slides after Jefferies confirms no update at ASCO
Shares of Immunomedics (IMMU) are sliding near midday after Jefferies analyst Matthew Andrews said he has confirmed with the company that there will be no IMMU-132 update at ASCO, which will take place between June 2-6 in Chicago. NO UPDATE: Jefferies' analyst Andrews had expected Immunomedics to provide an update on IMMU-132, an ADC that contains SN-38, the active metabolite of irinotecan, approved by the U.S. Food and Drug Administration as a chemotherapeutic for patients with cancer. However, the analyst told investors in a research note that he has confirmed with the company that there will be no update at the American Society of Clinical Oncology annual meeting. Immunomedics had tentatively been targeting a LBA submission in triple-negative breast cancer but the data in the about 15 remaining patients are not mature enough at this time and would not be a meaningful update on the 85 patient update with confirmed responses in mid-January 2017, Andrews added. PRICE ACTION: In late morning trading, shares of Immunomedics have dropped 12.6% to $5.22.