Immunomedics Inc. (IMMU) is scheduled to report second-quarter 2019 earnings results on Monday, February 25, after market close. The consensus estimates are for a loss of $0.34 per share on revenue of $0.20 million. The revenue number reflects a 66% decline from the year-ago quarter. The company has not yet topped earnings estimates over the past four quarters.
A key point to watch out for are updates on the company’s most advanced product candidate, sacituzumab govitecan, a first-in-class antibody-drug conjugate, indicated for the treatment of metastatic triple-negative breast cancer.
Immunomedics recently presented positive Phase 2 results for sacituzumab govitecan and also announced a strategic manufacturing agreement with British company Johnson Matthey for the drug. If cleared by the FDA, sacituzumab govitecan would be the first approved therapy for patients with metastatic triple-negative breast cancer.
Last month, the company said it received a Complete Response Letter (CRL) from the FDA for the Biologics License Application (BLA) seeking accelerated approval of sacituzumab govitecan. This came as a setback for the company as it would delay the launch of the product. However, some analysts are optimistic that since there is no need to generate any new clinical data, the company will be able to resolve this issue soon.
In the first quarter of 2019, Immunomedics had no revenues, mainly due to the discontinued sale of LeukoScan during the third quarter of 2018 as the company decided to focus on its ADC business. The company also posted a wider-than-expected net loss of $0.34 per share last quarter.
Analysts appear to be bullish on the company at present, with the majority giving it a rating of Buy. None have rated it Sell. The stock has a target price of $31.5. Shares were up 2.4% in mid-day trade on Friday.
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