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Gaining 49.06% ($2.09) this morning in early trading is Immunomedics Inc., (IMMU) http://www.immunomedics.com/ which is currently trading on the Nasdaq in the $6.07 range. IMMU has a new market cap of $454 million. IMMU has a 3-Month average daily trading volume of 832,258 shares and it topped 7,327,098 shares in early trading on news that its drug for treating auto immune disease Lupus had passed mid-stage tests.
IMMU and Belgian pharmaceutical group UCB (private) said today that their Lupus fighting drug Epratuzumab had achieved the testing goals of a joint study and the drug was more effective than a placebo at treating symptoms of Lupus.
In collaboration, IMMU and UCB said the study results showed that the drug was 24.9% higher in symptom improvements than a placebo among 227 patients with moderate to severe systematic Lupus. Immunomedics licensed the drug to UCB Pharma of Belgium in 2006. Lupus is a disease that attacks the body's own immune system. IMMU is also testing Epratuzumab as a treatment for lymphoma.
IMMU is involved in R&D, manufacture and sales monoclonal antibody-based products for the treatment of cancer, autoimmune diseases, and other serious afflictions.
The IMMU trials pipeline:
The lead product candidate is Epratuzumab. Veltuzumab, is in Phase I/II clinical study for the treatment of non-Hodgkin's lymphoma, chronic lymphocytic leukemia, and for patients with ITP. IMMU-102, a Y-90-labeled Epratuzumab product candidate is in Phase I/II clinical study for the treatment of patients with non-Hodgkin's lymphoma; and IMMU-107 or PAM4 labeled with Y-90, a humanized monoclonal antibody product, is in Phase I/II dose-escalation trials for the treatment of pancreatic cancer. IMMU products also include: Milatuzumab, a Phase I/II multicenter clinical trial product for the treatment of multiple myeloma, non-Hodgkin's lymphoma, and chronic lymphocytic leukemia; and Labetuzumab, a Phase II clinical trail product that targets carcinoembryonic antigen.
At $6.07, IMMU is above both its 52-week high of $5.39 set on 07-28-09 and its 52-week low of $0.84 set on 03-06-09. At $6.07, IMMU is ahead of both its 50-day and 300-day moving averages. Its shares out versus float ratio is near-parity.
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