Long/short equity, research analyst, biotech, healthcare

Immunomedics Inc: Poorly Understood Biopharma With Asymmetric Risk-Reward


Shares of Immunomedics, Inc. (NASDAQ:IMMU) are now up 100% year-to-date, and have risen particularly fast since the company significantly strengthened its balance sheet through both dilutive and non-dilutive financing measures earlier this year. Surprisingly, however, the company has garnered little attention from the media until recently. As a result, this precipitous move to the upside has gone largely unnoticed by the broader community of biotech investors and analysts. Indeed, Immunomedics's diverse pipeline, consisting of three late-stage and three-early stage clinical candidates, is likely partly to blame, as the pipeline's sheer complexity makes the company difficult to understand from both a valuation and operational viewpoint. Even so, I believe the company's two leading late-stage clinical candidates, clivatuzumab...

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