PNC Financial Services Group Inc. increased its holdings in Immunomedics, Inc. (NASDAQ:IMMU) by 859.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,894 shares of the biopharmaceutical company’s stock after buying an additional 49,173 shares during the period. PNC Financial Services Group Inc.’s holdings in Immunomedics were worth $802,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in IMMU. State of Wisconsin Investment Board grew its stake in shares of Immunomedics by 26.9% in the first quarter. State of Wisconsin Investment Board now owns 102,800 shares of the biopharmaceutical company’s stock worth $1,502,000 after purchasing an additional 21,800 shares during the last quarter. Palo Alto Investors LLC raised its holdings in shares of Immunomedics by 58.6% during the fourth quarter. Palo Alto Investors LLC now owns 4,774,261 shares of the biopharmaceutical company’s stock valued at $77,152,000 after purchasing an additional 1,763,795 shares during the period. Virtus Fund Advisers LLC acquired a new position in shares of Immunomedics during the fourth quarter valued at about $456,000. Franklin Resources Inc. acquired a new position in shares of Immunomedics during the fourth quarter valued at about $12,537,000. Finally, BlackRock Inc. raised its holdings in shares of Immunomedics by 8.8% in the 4th quarter. BlackRock Inc. now owns 9,064,259 shares of the biopharmaceutical company’s stock worth $146,478,000 after acquiring an additional 736,608 shares during the last quarter. Institutional investors own 74.32% of the company’s stock.
Shares of Immunomedics traded up $0.57, reaching $23.67, during midday trading on Friday, Marketbeat Ratings reports. 1,925,880 shares of the company were exchanged, compared to its average volume of 2,479,016. The firm has a market cap of $3.88 billion, a price-to-earnings ratio of -29.22 and a beta of 1.51. The company has a debt-to-equity ratio of 2.81, a quick ratio of 3.94 and a current ratio of 3.94. Immunomedics, Inc. has a one year low of $7.17 and a one year high of $26.48.
Immunomedics (NASDAQ:IMMU) last announced its earnings results on Wednesday, May 9th. The biopharmaceutical company reported ($0.21) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by ($0.06). The firm had revenue of $0.50 million for the quarter, compared to analyst estimates of $4.27 million. The company’s quarterly revenue was down 61.5% on a year-over-year basis. research analysts predict that Immunomedics, Inc. will post -1.14 earnings per share for the current year.
Several research firms have commented on IMMU. Wells Fargo & Co increased their price objective on shares of Immunomedics from $25.00 to $31.00 and gave the company an “outperform” rating in a research note on Monday, June 4th. BidaskClub upgraded shares of Immunomedics from a “hold” rating to a “buy” rating in a research report on Friday, May 18th. ValuEngine upgraded shares of Immunomedics from a “hold” rating to a “buy” rating in a research report on Thursday, April 12th. B. Riley began coverage on shares of Immunomedics in a report on Thursday, June 7th. They issued a “buy” rating and a $53.00 price target on the stock. Finally, Zacks Investment Research lowered shares of Immunomedics from a “hold” rating to a “sell” rating in a research note on Friday, May 4th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $28.20.
In other news, Director Venbio Select Advisor Llc purchased 575,000 shares of the stock in a transaction dated Friday, June 15th. The shares were acquired at an average cost of $24.00 per share, for a total transaction of $13,800,000.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 14.80% of the stock is currently owned by company insiders.
Immunomedics, Inc, a clinical-stage biopharmaceutical company, focuses on the development of monoclonal antibody-based products for the targeted treatment of cancer, autoimmune disorders, and other diseases. The company engages in developing antibody-drug conjugate (ADC) products comprising IMMU-132, an ADC that contains SN-38, which is in Phase II trials used for the treatment of patients with metastatic triple-negative breast cancer, and small-cell and non-small-cell lung cancers; IMMU-130, an anti-CEACAN5-SN-38 ADC that is in Phase II trials for the treatment of solid tumors and metastatic colorectal cancer; and IMMU-140 that targets HLA-DR for the potential treatment of liquid cancers.
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