Immunomedics Price Target Raised To $55 From $41 At Wells Fargo

Wells Fargo analyst Jim Birchenough raised the firm's price target on Immunomedics (IMMU) to $55 from $41 and reiterates an Overweight rating on the shares citing the "better than expected" detail from the ASCENT study of Trodelvy in triple-negative breast cancer.

With extended progression-free survival benefit and positive overall survival data, Trodelvy adoption should be more rapid, used earlier, and the barrier to competitors is now greater, Birchenough tells investors in a research note. Immunomedics in morning trading is up 6.5% to $39.98.