Immunomedics price target raised to $60 from $34 at H.C. Wainwright - InvestingChannel

Immunomedics price target raised to $60 from $34 at H.C. Wainwright

H.C. Wainwright analyst Raghuram Selvaraju raised the firm’s price target on Immunomedics to $60 from $34 and keeps a Buy rating on the shares. The shares in premarket trading are up 27.5%, or $6.04, to $28.01. Sacituzumab received FDA approval ahead of schedule yesterday, triggering a $60M milestone from Everest, Selvaraju tells investors in a research note. Per management, Trodelvy’s wholesale acquisition cost for a single-use 180mg vial is $2,012, which equates to $16,096 per 21-day cycle, says the analyst, who previously forecasted the breast cancer drug being priced at $13,000 per month. Despite black box warning, Selvaraju expects “strong physician adoption.” Further, while the COVID-19 pandemic may limit face-to-face meetings with physicians, Immunomedics management believes that their sales force should be able to reach out to 90% of tier one to three prescribers within the next 60-90 days, adds the analyst.