Immunomedics, Inc. (IMMU) Sees Large Growth in Short Interest

Immunomedics, Inc. (NASDAQ:IMMU) was the recipient of a significant increase in short interest in March. As of March 31st, there was short interest totalling 26,651,574 shares, an increase of 12.2% from the March 15th total of 23,753,055 shares. Currently, 26.8% of the company’s stock are short sold. Based on an average trading volume of 3,088,308 shares, the days-to-cover ratio is currently 8.6 days.

Shares of Immunomedics (NASDAQ:IMMU) traded down 1.22% during midday trading on Friday, reaching $7.31. The company had a trading volume of 1,213,245 shares. The company has a 50-day moving average price of $6.15 and a 200 day moving average price of $4.74. Immunomedics has a one year low of $1.95 and a one year high of $7.48. The company’s market capitalization is $801.21 million.

IMMU has been the subject of several recent research reports. Zacks Investment Research downgraded Immunomedics from a “hold” rating to a “sell” rating in a report on Tuesday, February 14th. Jefferies Group LLC restated a “buy” rating and set a $7.50 price objective on shares of Immunomedics in a report on Tuesday, February 21st. Finally, Wells Fargo & Co upgraded Immunomedics from a “market perform” rating to an “outperform” rating in a report on Friday, May 5th.

Several hedge funds have recently modified their holdings of the company. Creative Planning raised its stake in shares of Immunomedics by 163.3% in the first quarter. Creative Planning now owns 176,065 shares of the biopharmaceutical company’s stock valued at $1,139,000 after buying an additional 109,200 shares during the last quarter. Candriam Luxembourg S.C.A. purchased a new stake in shares of Immunomedics during the first quarter valued at approximately $3,300,000. Metropolitan Life Insurance Co. NY raised its stake in shares of Immunomedics by 3.7% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 66,049 shares of the biopharmaceutical company’s stock valued at $242,000 after buying an additional 2,384 shares during the last quarter. Two Sigma Investments LP purchased a new stake in shares of Immunomedics during the fourth quarter valued at approximately $229,000. Finally, Chicago Equity Partners LLC raised its stake in shares of Immunomedics by 84.9% in the third quarter. Chicago Equity Partners LLC now owns 205,345 shares of the biopharmaceutical company’s stock valued at $667,000 after buying an additional 94,285 shares during the last quarter. 48.83% of the stock is owned by institutional investors.

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About Immunomedics

Immunomedics, Inc is a clinical-stage biopharmaceutical company. The Company is engaged in developing monoclonal antibody-based products for the targeted treatment of cancer, autoimmune disorders and other serious diseases. Its geographic segments include United States and Europe. Its technologies allow it to create humanized antibodies that can be used either alone in unlabeled or naked form, or conjugated with radioactive isotopes, chemotherapeutics, cytokines or toxins.

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