Here's Why Immunomedics Rose as Much as 14.2% Today
Shares of preclinical biopharma Immunomedics (NASDAQ: IMMU) gained over 14% today without any company-specific news. However, earlier in the day, the nearly $12 billion buyout of Kite Pharma by Gilead Sciences was announced, which lifted many stocks working on chimeric antigen receptor T cells, or CAR-T, biotherapeutics.
What does that have to do with antibody developer Immunomedics? Well, the company back in February 2017 did announce preliminary results from a preclinical trial that demonstrated the ability of certain of its checkpoint inhibitor antibodies to increase the potency of T cells.
As of 2:45 p.m. EDT, the stock had settled to a 13.7% gain.
Source: Fool.com