Immunomedics, Inc. (NASDAQ: IMMU)
Immunomedics is having an incredibly strong day in the market today. In fact, when the market opened, the stock was already trading well into the green. However, since then, there has been no signs of slowing gains as the stock continues to rocket upward. Below, we’ll talk about what we’re seeing from IMMU, why, and what we’ll be watching for ahead.
What We’re Seeing From IMMU
As mentioned above, Immunomedics is having an incredibly strong day in the market today. The gains started in pre-market after a big announcement from the company. Since the opening bell, the stock has continued on a steady path upward, only expanding gains. At the moment (9:57), IMMU is trading at $5.51 per share after a gain of $1.21 per share or 28.14% thus far today.
Why The Stock Is Climbing
As is usually the case, our partners at Trade Ideas were the first to inform us of the gains on IMMU. As soon as they did, the CNA Finance team started digging to see exactly what was causing the movement. In this particular case, it didn’t take long to uncover the story. The gains seem to be caused by a global licensing agreement that was announced early this morning.
This morning, Immunomedics announced that it has entered into an exclusive global licensing agreement with Seattle Genetics. Under the agreement, SGEN will develop, fund, manufacture, and commercialize IMU-132, Immunomedics’ proprietary solid tumor therapy candidate. For more details on this agreement, click here!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on IMMU. In particular, we’re interested in watching as this partnership unfolds and turns into a major benefit to the stock. Nonetheless, we’ll keep a close eye on the news and bring it to you as it breaks!
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