Why Immunomedics Shares Crashed 13.5% Today

After Goldman Sachs (NYSE: GS) cut its rating from a "buy" to a "sell" following reports the Food and Drug Administration (FDA) may have concerns over its manufacturing process, Immunomedics (NASDAQ: IMMU) shares tumbled 13.5% at 3:45 pm EST on Friday.

In early 2019, the company was issued an FDA complete response letter rejecting an application for sacituzumab govitecan approval because of manufacturing concerns at the healthcare company. The setback resulted in a C-suite shake-up, a contract with a new manufacturer, and a refiling for approval of the drug in December.

IMAGE SOURCE: GETTY IMAGES.

Source Fool.com