UPDATE: Wedbush Securities Downgrades Immunomedics to Neutral; Lacking Catalysts

Wedbush Securities reduced its rating on Immunomedics

from Outperform to Neutral and lowered its price target from $6 to $4. Wedbush Securities noted, "While the company has other promising programs, there are limited nearterm catalysts that have the potential to drive the shares higher. Epratuzumab (partnered with Takeda/Nycomed) is in a Phase III program in lupus, but it will likely have data available from that trial in H1:14. Other programs such as labetuzumab are in early stage studies; we would not expect them to drive shares much higher in the near-term." Immunomedics closed at $3.46 on Monday.