|Immunomedics, Inc’s (NASDAQ:IMMU) Shares tumbled over 15% As Second Quarter’s Loss Widens|
|By David Fowler|
|Thursday, 05 February 2015 13:26|
Shares of Immunomedics, Inc.(NASDAQ:IMMU) are under heavy selling pressure on Thursday and tumbled as much as 15.50% to $4.12 following the company has reported second-quarter loss.The company posted a net loss of $11.4 million, or 0.12 cents for the latest quarter, compared to a year a ago loss of $8.5 million, or 10 cents a share. However, this topped analysts’ forecast of a loss of 13 cents a share by Zacks.
Revenue during the second quarter stood at $1.0 million, down from a year ago revenue of $1.2 million. The decrease of $0.2 million in total revenues this quarter was primarily the result of $0.2 million decline in LeukoScan sales volume in Europe.
Total costs and expenses during the quarter jumped to $12.5 million, from $9.8 million for the same period in 2014, an increase of $2.7 million or 28%. This increase was driven primarily by $3.2 million increased research and development expenses from higher clinical trial cost for, in particular, the Phase 3 PANCRIT-1 registration study of yttrium-90-labeled clivatuzumab tetraxetan for the therapy of patients with advanced pancreatic cancer. The increase in research and development expenses was partially offset by a $0.2 million lowered legal and professional expenses.
Shares of the company are down over 11% for the past one year. Over the past one year, shares of IMMU have been trading within a range of $3.04-$4.60. The mean target set by 2 analysts is $7 on the stock.
Additionally, the company announced its plan of offering $85,000,000 aggregate principal amount of Convertible Senior Notes due 2020 in a private placement.