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Immunomedics (IMMU) Reports Wider-Than-Expected Loss in Q3

Zacks Equity Research

Immunomedics, Inc. IMMU incurred a loss of 49 cents per share in the third quarter of 2019, wider than the Zacks Consensus Estimate of a loss of 40 cents. Moreover, the loss deteriorated from the year-ago quarter’s loss of 35 cents.

Notably, the company did not generate any revenues in the third quarter of 2019 due to the discontinued sale of LeukoScan in February 2018 to focus on its antibody-drug conjugate (ADC) business.

Total costs and expenses were $86.8 million in the third quarter compared with $57.2 million a year ago, mainly due to increase in research & development and sales & marketing expenses, partially offset by decreases in general & administrative expenses.

Shares of Immunomedics have increased 10.9% so far this year against the industry’s decline of 0.9%.

Pipeline Update

The company’s most advanced product candidate is sacituzumab govitecan, currently being evaluated in several mid- to late-stage studies for addressing various cancer indications.

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Immunomedics plans to submit a biologics license application (BLA) for sacituzumab govitecan to the FDA in late November or early December 2019 for treating late-stage metastatic triple-negative breast cancer (mTNBC) in patients, who have received at least two prior therapies for metastatic disease.

During the quarter, Immunomedics presented interim data from the phase II TROPHY-U-01 study, which evaluated sacituzumab govitecan in patients with metastatic urothelial cancer (mUC,) who had relapsed or are refractory to immune checkpoint inhibitors (CPI) and platinum-based chemotherapy.

The interim results showed that sacituzumab govitecan demonstrated an overall response rate (ORR) of 29% in 35 patients with mUC, who had relapsed or are refractory to immune CPI and platinum-based chemotherapy. The interim results are consistent with the previously reported efficacy of sacituzumab govitecan in mUC. Based on these data, the company will be exploring registrational pathways with the FDA. Moreover, the company reached a target enrollment of 100 patients ahead of its scheduled time.

Furthermore, Immunomedics initiated TROPICS-03, a multi-cohort open-label phase II study, designed to assess the clinical activity of sacituzumab govitecan in patients with metastatic solid tumors including non-small cell lung cancer (NSCLC). The company dosed the first patient for the treatment of NSCLC.

Meanwhile, in September 2019, Immunomedics announced two important deals. The company inked a deal with Roche Holding AG RHHBY to evaluate the safety and efficacy of the combination of the latter’s PD-L1-blocking checkpoint inhibitor Tecentriq (atezolizumab) and sacituzumab govitecan in frontline treatment of patients with metastatic or inoperable, locally advanced triple-negative breast cancer (TNBC).

The company also signed a collaboration pact with Germany-based GBG Forschungs-GmbH to develop sacituzumab govitecan as a treatment for the newly-diagnosed breast cancer patients, who do not achieve a pathological complete response (pCR) following standard neoadjuvant therapy.

Immunomedics, Inc. Price, Consensus and EPS Surprise

Immunomedics, Inc. Price, Consensus and EPS Surprise
Immunomedics, Inc. Price, Consensus and EPS Surprise

Immunomedics, Inc. price-consensus-eps-surprise-chart | Immunomedics, Inc. Quote

Zacks Rank & Other Stocks to Consider

Immunomedics currently has a Zacks Rank #2 (Buy). Other top-ranked stocks from the healthcare sector include Acorda Therapeutics, Inc. ACOR and Anika Therapeutics Inc. ANIK, both sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Acorda’s loss per share estimates have been narrowed 20.4% for 2019 and 43% for 2020 over the past 60 days.

Anika’s earnings estimates have been revised 16% upward for 2019 and 19.1% for 2020 over the past 60 days. The stock has skyrocketed 107.3% year to date.

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Roche Holding AG (RHHBY) : Free Stock Analysis Report
 
Anika Therapeutics Inc. (ANIK) : Free Stock Analysis Report
 
Immunomedics, Inc. (IMMU) : Free Stock Analysis Report
 
Acorda Therapeutics, Inc. (ACOR) : Free Stock Analysis Report
 
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