FDA Grants Accelerated Approval to Immunomedics for Trodelvy in Breast Cancer Patients
On April 22, Immunomedics, Inc. (IMMU) announced that they received accelerated FDA approval of Trodelvy™ (sacituzumab govitecan-hziy) for the treatment of adult patients with metastatic triple-negative breast cancer (TNBC). The treatment is specifically for patents who have received at least two prior therapies for metastatic disease. This is a particularly aggressive form of cancer for which there are few effective therapies, so this approval gives doctors a novel tool for treating patients with this disease. Immunomedics is a leading biopharmaceutical company specializing in the area of antibody-drug conjugates (ADC).
Sonal detected the event and issued an alert at 11:47 am. The last trade had been at 10:47 am for $21.97. The stock price immediately rose above $28 following the news release before pulling back towards the closing. Immunomedics’ stock, however, continued to rise over the next three trading sessions. The stock closed at $29.06 on April 28 for a gain of 32%.
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