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IMMU

Immunomedics

$15.50

-0.22 (-1.40%)

09:05
01/08/18
01/08
09:05
01/08/18
09:05

Immunomedics, Royalty Pharma announce royalty funding, stock purchase agreements

Immunomedics and Royalty Pharma announced that Immunomedics has agreed to sell tiered, sales-based royalty rights on global net sales of sacituzumab govitecan to Royalty Pharma for $175 million. Royalty Pharma has also purchased $75 million in common stock of Immunomedics, at $17.15 per share, which represents a more than 15% premium over the stock's 15-day trailing average closing price. This $250 million funding provides Immunomedics the resources to support the Company's next phase of growth as it focuses on developing sacituzumab govitecan in metastatic triple-negative breast cancer, advanced urothelial cancer and other indications of high medical need and on further building its clinical, medical affairs, commercial and manufacturing infrastructure. The royalty rate commences at 4.15 percent on net annual sales of up to $2 billion, declining step-wise based on sales tiers to 1.75 percent on net global annual sales exceeding $6 billion. This transaction will provide sufficient cash to fund operations into 2020.

  • 08

    Jan

IMMU Immunomedics
$15.50

-0.22 (-1.40%)

11/13/17
WELS
11/13/17
NO CHANGE
Target $14
WELS
Outperform
Immunomedics weakness a buying opportunity, says Wells Fargo
Wells Fargo analyst Jim Birchenough said weakness in Immunomedics is a buying opportunity following review of SABCS abstract data for IIMU132 in TNBC saying he believes the data supports accelerated approval. Birchenough rates Immunomedics an Outperform with a $14 price target.
11/14/17
JEFF
11/14/17
NO CHANGE
Target $16
JEFF
Buy
Jefferies disagrees with yesterday's selloff in Immunomedics
Immunomedics closed down 19% yesterday largely due to interim overall survival data for IMMU-132 and concerns the FDA will require Phase III overall survival data for approval, Jefferies analyst Matthew Andrews tells investors in a research note. The analyst disagrees, and keeps a Buy rating on the shares with a $16 price target. The progression-free survival is the Phase III Special Protocol Assessment's primary endpoint, while the overall survival data may ultimately be confounded by patients' use of other drugs after progression, Andrews tells investors in a research note. Precedent for objective response rate/duration of response exists with FDA breakthrough therapy approvals of 12 solid tumor drugs, some with less robust efficacy than IMMU-132, the analyst adds.
11/14/17
COWN
11/14/17
NO CHANGE
Target $15
COWN
Outperform
Immunomedics drug survival rate disappointing but approval likely, says Cowen
Cowen analyst Phil Nadeau said the overall survival rate for Immunomedics' IMMU-132 showed a decrease, which was disappointing, but the response rate is still well above the current standard of care. As a result, the analyst believes it still appears likely to get accelerated FDA approval. Nadeau reiterated his Outperform rating and $15 price target on Immunomedics shares.
12/06/17
JEFF
12/06/17
NO CHANGE
JEFF
Buy
Immunomedics breast cancer data continue to look 'very solid,' says Jefferies
Jefferies analyst Matthew Andrews says the totality of Immunomedics' Phase II breast cancer data for IMMU-132 "continue to look very solid." Importantly, there was no clinically meaningful decrease in objective response rate per blinded central review, Andrews tells investors in a research note after the company announced updated results. The analyst reiterates a Buy rating and believes the data is sufficient to support FDA accelerated approval.

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SPY

SPDR S&P 500 ETF Trust

$281.54

1.125 (0.40%)

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S&P 500

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$80.40

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$42.21

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$11.29

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$NSD

NASDAQ Market Internals

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$NYE

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BIVV

Bioverativ

$64.11

1.36 (2.17%)

, JUNO

Juno Therapeutics

$67.81

-3.56 (-4.99%)

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VR

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SNY

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IDRA

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FE

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SPX

S&P 500

, SPY

SPDR S&P 500 ETF Trust

$281.18

0.765 (0.27%)

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Reference Link

SPX

S&P 500

SPY

SPDR S&P 500 ETF Trust

$281.18

0.765 (0.27%)

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BIVV

Bioverativ

$64.11

1.36 (2.17%)

, SNY

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IRIX

IRIDEX

$7.46

-0.11 (-1.45%)

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OLN

Olin

$37.04

0.155 (0.42%)

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  • 07

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BK

BNY Mellon

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  • 08

    Mar

JUNO

Juno Therapeutics

$67.81

-3.56 (-4.99%)

, CELG

Celgene

$102.65

0.93 (0.91%)

11:54
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Downgrade
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JUNO

Juno Therapeutics

$67.81

-3.56 (-4.99%)

CELG

Celgene

$102.65

0.93 (0.91%)

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