Goldman Sachs analyst Paul Choi double downgraded Immunomedics to Sell from Buy with a price target of $5, down from $24. The stock closed Thursday up 51c to $10.65.

A Form 483 was published detailing ten observations of quality control, procedural, maintenance and other issues observed during the FDA's most recent inspection of the company's Morris Plains, NJ facility, Choi tells investors in a research note. Based on this, the analyst now thinks it is unlikely that Immunomedics' sacituzumab govitecan will be approved at its June 2, 2020 FDA action date for triple-negative breast cancer.

Choi finds it unclear whether Immunomedics will be able to address these concerns adequately, and is cautious on the company's ability to execute on the other ongoing clinical studies without the revenue generated in triple-negative breast cancer.