Immunomedics price target raised to $55 from $41 at Wells Fargo

Wells Fargo analyst Jim Birchenough raised the firm's price target on Immunomedics to $55 from $41 and reiterates an Overweight rating on the shares citing the "better than expected" detail from the ASCENT study of Trodelvy in triple negative breast cancer. With extended progression-free survival benefit and positive overall survival data, Trodelvy adoption should be more rapid, used earlier, and the barrier to competitors is now greater, Birchenough tells investors in a research note. Immunomedics in morning trading is up 6.5% to $39.98.