The FDA just approved the company's fast track application for its breast cancer drug yesterday
Immunomedics, Inc (NASDAQ:IMMU) is climbing towards another annual closing high today, up 2.3% at $22.16, after H.C. Wainwright lifted its price target to $31 from $26. This bull note come right on the heels of yesterday's news that the Food and Drug Administration (FDA) accepted the firm's resubmitted Biologics Licence Application (BLA) for fast-track approval of its breast cancer drug sacitizumab govitecan.
This announcement sent the stock soaring yesterday, gapping past recent pressure at its $21.50 region, and notching a new 13-month high of $22.22, before cooling slightly. Looking more broadly, IMMU has been in rally mode since its late-September lows, with support from its 30-day moving average capturing several pullbacks. For the year, the security has added more than 52%.
Wall Street has looked favorable upon IMMU, too. The stock's consensus 12-month price target of $26.82 is at a healthy 23.8% premium to last night's close, and seven of the nine in coverage call it a "strong buy."
On the other hand, short interest surrounding the security has still been quite high. The 29.24 million shares sold short make up a solid 15.3% of the stock's available float. And what's more, it would take over two weeks at IMMU's average pace of trading to buy back all these bearish bets, which could propel the equity higher, should some of these pessimistic positions begin to unwind.