logo
  

Stock Alert: Immunomedics Down 11%

Shares of Immunomedics Inc. (IMMU) are declining 11% in Friday's morning trade.

Immunomedics' shares are currently trading at $9.48, down $1.17 or 10.99%, on the Nasdaq, on a higher-than average volume of 3.7 million shares.

There have been rumors in the air of a delay in upgrading a facility at Samsung Biologics, which was to produce commercial-scale quantities of the humanized antibody used in antibody-drug conjugate sacituzumab govitecan (IMMU-132).

Immunomedics is a clinical-stage biopharmaceutical company developing monoclonal antibody-based products for the targeted treatment of cancer.

Meanwhile, reports also suggest that the delay is due to Immunomedics not receiving approval from FDA for its sacituzumab govitecan.

Sacituzumab govitecan is the company's lead drug candidate. The drug is in development for metastatic triple-negative breast cancer (mTNBC) advanced urothelial cancer (UC) and metastatic non-small cell lung cancer.

In January of this year, the FDA refused to approve Sacituzumab govitecan proposed for the treatment of patients with metastatic triple-negative breast cancer (mTNBC) who previously received at least two prior treatments due to issues related to Chemistry, Manufacturing and Control matters. The company has resubmitted the application, which is currently under FDA review with an action date of June 2.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
While reporting financial results for the second quarter on Wednesday, biopharmaceutical company Bristol-Myers Squibb Co. (BMY) reaffirmed its adjusted earnings and revenue growth guidance for the full-year 2021. For fiscal 2021, the company now projects earnings in a range of $3.18 to $3.38 per share,... German banking major Deutsche Bank AG (DB) reported Wednesday a profit in its second quarter, compared to prior year's loss, with sharp drop in provision for credit losses. Net revenues were down slightly. Looking ahead for fiscal 2021, Deutsche Bank updated guidance, and now expects net revenues to be ahead of guidance provided at the Investor Deep Dive on December 9, 2020. Facebook Technologies LLC is recalling about 4 million removable foam facial interfaces for Oculus Quest 2 Virtual Reality or VR headsets citing skin irritation risk. The company said it has introduced a new silicone cover for all Quest 2 customers globally, and has paused global sales of Quest 2 to include the new silicone covers in all Quest 2 packages.
Follow RTT