UBS Warburg downgraded Immunomedics (IMMU) to hold from buy.
Analyst Andrew Gitkin says his downgrade is based on valuation. He believes the lack of near-term catalysts is likely to limit potential upside from current levels, and says Immunomedics is increasingly sensitive at current valuation levels to regulatory and competitive dynamics that may directly impact product development and commercialization strategy for its lead product, LymphoCide. Gitkin thinks it may take longer to get LymphoCide to market than originally expected. He sees a $0.04 fiscal 2002 (June) loss, and a $0.19 fiscal 2003 loss. He also cut the $28 target to $22