IMMU--important article excerpt, dow jones
<<Shares of Immunomedics Inc. (IMMU) slid nearly 15% Tuesday, though the biopharmaceutical company said it has no negative news and continues to talk to potential partners regarding two experimental cancer therapies.
Chief Operating Officer and Executive Vice President Cynthia L. Sullivan said it appears the Morris Plains, N.J., company's stock is down because of profit-taking. And she said brokers had told her that short-sellers were circulating rumors that Immunomedics wouldn't reach a deal for its cancer therapies.
"Nothing has changed and there's no negative news," she told Dow Jones Newswires.
Immunomedics is moving treatments for non-Hodgkin's lymphoma and for solid tumors through clinical trials, and has received considerable interest from potential partners for both products, said Sullivan.
After a Monday in which the stock closed down 10.2%, shares recently traded at 9 3/8, down 1 5/8, or 14.8%, on volume of 745,400, compared with average daily volume 667,000. The stock was off 32% from the 52-week high of 13 13/16 set on Dec. 30, but up nine-fold from the low of 1 set on Aug. 30.
"From what I hear it's changing hands rather rapidly because there are shareholders that have been involved in the company for a very long time, and I think it's just profit-taking," said Sullivan.
Immunomedics COO Sullivan also said two brokers had told her Monday that short-sellers were circulating negative rumors that the company wouldn't have a deal and didn't have the necessary financing. She said she wasn't sure where they had heard or seen the rumors, which were mentioned on an Internet message board about the stock, and that the company doesn't respond to rumors.
While she didn't have current numbers, Sullivan said short interest in the stock declined from November to December.
"I would assume, although there's no way for me to substantiate it, that shorts would be concerned," she said....>> |
