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Thursday, May 9, 2019

Immunomedics refiling timeline should bring some relief, says Piper Jaffray

Immunomedics indicated that it is now in broad alignment with the FDA around the issues raised in the Complete Response Letter and is projecting a biologics license application resubmission for sacituzumab to occur in early Q4, Piper Jaffray analyst Joseph Catanzaro tells investors in a post-earnings research note. The analyst believes this timeline is largely in-line with consensus and should provide a “bit of relief.” Investors may still have some questions around the Ascent trial timing, but given the FDA’s apparent comfort with the clinical data, a further approval delay is unlikely given the extreme unmet need in triple-negative breast cancer, adds the analyst. He maintains an Overweight rating on Immunomedics with a $20 price target.

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