- Jefferies' Matthew Andrews says Immunomedics' (NASDAQ:IMMU) deal with Settle Genetics for the rights to IMMU-132 still has life. Even with a reconstituted board, stocked with four new directors supported by activist investor venBio, it could renegotiate the deal on more favorable terms. He says (NASDAQ:SGEN) could even make a bid for the company, although this looks like a stretch if it secures global exclusive rights to IMMU-132.
- Mr. Andrews rates the stock a Buy with a $7.50 (25% upside) price target.
- Shares are off a fraction after hours on modest volume.
- Source: Bloomberg