|Written by GSCR Staff|
|Tuesday, 04 June 2013 08:47|
Yesterday in the Goldman Guide, we emphasized that the biotech industry and the current ASCO meeting resulted in the repeated endorsement of small and micro-cap stocks in this space. Right on cue, Clovis Oncology, Inc. (NASDAQ – CLVS - $74.59) went up from $56.01 at the open of market to $74.59 at the market close. This is priced out of our range so where do we go?
Immunomedics, Inc. (NASDAQ – IMMU - $4.01) is a development state biopharmaceutical company that is engaged in anti-body based products for treatment of cancer, autoimmune, and other diseases. The stock has climbed 63% over the last 30 days on news related to its products and improved future earnings forecasts. Even with this huge pop, the charts remain very bullish in the short term, and revenue is estimated to climb to $4.04 million in 2013 and $5.76 million in 2014.
In May, the Company announced significant progress on the development of its novel T-cell redirecting agents that help target tumor antibodies. The Company’s Clivatuzumab tetraxetan is in Phase 1b trial of enrolling patients with pancreatic cancer, with results to be reported in July. Phase I of Labetuzumab-SN-38 in patients with advanced colorectal cancer is also underway. Finally, Epratuzumab tetraxetan is targeted at patients with aggressive lymphoma and is currently in Phase I. Results will be presented at the 2013 Annual Meeting of the Society of Nuclear Medicine and Molecular Imaging conference later this month.
With good news on all clinical trials we think another climb up to the $5.25 level is possible over the next 30-60 days.
Have a great day.
Disclosure: Goldman Small Cap Research analysts are neither long nor short these shares but may elect to purchase the stock within the next 48 hours.
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