Immunomedics, Inc. (NASDAQ: IMMU) is having a great start to the trading session this morning, and for good reason. The company provided a comprehensive overview of clinical development at the 2018 ASCO Annual Meeting. Of course, the news led to excitement among investors, sending the stock screaming for the top. Today, we’ll talk about:
- The update;
- what we’re seeing from IMMU as a result; and
- what we’ll be watching with regard to the stock ahead.
IMMU Announces Update
As mentioned above, Immunomedics is having a great start to the trading session this morning after the company announced a comprehensive overview of its clinical development plan for sacituzumab govitecan. The treatment is the company’s lead product in the ADC, or antibody-drug conjugates, arm. The overview was provided at the IMMU Investor Event during the 2018 ASCO Annual Meeting. In particular, the plan is to focus on three cancer indications, all with significant unmet medical need. These cancers include triple-negative breast cancer (mTNBC), metastatic urothelial cancer (mUC) and estrogen receptor-positive metastatic breast cancer (ER+ mBC). In a statement, Michael Pehl, President and CEO at IMMU, had the following to offer:
Our goal is to bring sacituzumab govitecan to patients who can benefit from this valuable drug candidate, expeditiously. Beyond TNBC, for which we recently announced our BLA submission, we are working closely with health authorities and key opinion leaders to define the best registrational approaches for additional indications that could benefit patients.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news causes moves. With the update from Immunomedics in mind, investors are excited, sending the stock on a run for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:44), IMMU is trading at $25.61 per share after a gain of $2.90 per share or 12.77% thus far today!
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on IMMU. In particular, we’re interested in following the company’s continued work surrounding sacituzumab govitecan as the plan surrounding the development is sound. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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