Immunomedics, Inc. (NASDAQ: IMMU)
Immunomedics was having a relatively normal day in the market today. After starting the day in the green, the stock dipped a bit, then traded on the day relatively flat. While there was some movement, it definitely wasn’t worth writing home about. That is, until minutes ago when the stock spiked just before being halted. Below, we’ll talk about what we’re seeing with regard to IMMU, why, and what we’ll be watching for ahead.
What We’re Seeing From IMMU
As mentioned above, Immunomedics was off to what seemed to be a relatively normal day in the market. Sure, the stock saw its ups and downs, but for the most part, it stayed close to the break even point and nothing was worth writing home about. That is, until minutes ago when the stock started to spike in a big way. Within a couple short ticks of the clock, the stock was halted at (12:14) at a price of $5.64 per share after a gain of $0.61 per share or 12.13% thus far today.
Why The Stock Is Spiking
Before we get too deep into the details, we must give credit where credit is due. Our friends at Trade Ideas were the first to inform us of the gains on IMMU. As soon as we got the alert, the CNA Finance team started digging to see why the stock was spiking. It didn’t take long to dig up the story at all. Ultimately the gains seem to be the result of a halt to a licensing deal.
In a report on Bloomberg that was published minutes ago, investors learned that the licensing deal between Seattle Genetics (SGEN) and Immunomedics was temporarily halted by a judge. The deal surrounded a key cancer drug. Nonetheless, the news of the license halt seems to be exciting investors as it caused the stock to run upward.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on both IMMU and SGEN. We’re interested in learning more about the reason for the halt to the licensing agreement and what will come next. Nonetheless, we’ll continue to watch the story and bring it to you as it breaks!
Update (12:21): IMMU reopens at $5.58 per share after a gain of $0.55 or 10.93%.
Update (12:31): After reopening lower, Immunomedics has regained upward momentum and is climbing higher yet again. At the moment it is trading at $5.83 per share after a gain of $0.80 per share or 15.93% thus far today.
Update (1:11): The movement on the stock seems to have settled. Currently, IMMU is trading at $5.69 per share after a gain of $0.66 per share or 13.12% thus far today.
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