Intrinsic value of Immunomedics - IMMU

Previous Close

$12.23

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$12.23

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of IMMU stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  0.00
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
Variable operating expenses, $m
 
  63
  65
  66
  68
  70
  73
  75
  78
  81
  84
  87
  91
  94
  98
  103
  107
  112
  117
  122
  128
  134
  140
  146
  153
  161
  168
  176
  185
  194
  203
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  82
  63
  65
  66
  68
  70
  73
  75
  78
  81
  84
  87
  91
  94
  98
  103
  107
  112
  117
  122
  128
  134
  140
  146
  153
  161
  168
  176
  185
  194
  203
Operating income, $m
  -79
  -60
  -62
  -63
  -65
  -67
  -69
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -94
  -98
  -102
  -106
  -111
  -116
  -122
  -127
  -133
  -139
  -146
  -153
  -160
  -168
  -176
  -185
  -194
EBITDA, $m
  -78
  -59
  -61
  -62
  -64
  -66
  -68
  -70
  -73
  -76
  -78
  -82
  -85
  -88
  -92
  -96
  -100
  -105
  -109
  -114
  -120
  -125
  -131
  -137
  -144
  -151
  -158
  -165
  -173
  -182
  -191
Interest expense (income), $m
  5
  5
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
Earnings before tax, $m
  -153
  -65
  -56
  -57
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -105
  -111
  -116
  -122
  -128
  -134
  -141
  -148
  -155
  -163
  -171
  -179
  -188
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -153
  -65
  -56
  -57
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -105
  -111
  -116
  -122
  -128
  -134
  -141
  -148
  -155
  -163
  -171
  -179
  -188

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  155
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  163
  8
  8
  9
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
Adjusted assets (=assets-cash), $m
  8
  8
  8
  9
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
Revenue / Adjusted assets
  0.375
  0.375
  0.375
  0.333
  0.333
  0.333
  0.444
  0.400
  0.400
  0.400
  0.364
  0.364
  0.333
  0.417
  0.385
  0.385
  0.357
  0.357
  0.400
  0.375
  0.375
  0.353
  0.389
  0.368
  0.350
  0.381
  0.364
  0.391
  0.375
  0.360
  0.385
Average production assets, $m
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
Working capital, $m
  35
  -122
  -125
  -128
  -132
  -136
  -140
  -145
  -150
  -156
  -162
  -168
  -175
  -182
  -190
  -198
  -207
  -216
  -226
  -236
  -247
  -259
  -271
  -283
  -297
  -311
  -326
  -342
  -358
  -375
  -394
Total debt, $m
  98
  -117
  -116
  -116
  -116
  -116
  -116
  -115
  -115
  -115
  -114
  -114
  -113
  -113
  -113
  -112
  -112
  -111
  -110
  -110
  -109
  -108
  -108
  -107
  -106
  -105
  -104
  -104
  -103
  -101
  -100
Total liabilities, $m
  221
  7
  8
  8
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  20
  21
  23
  24
Total equity, $m
  -59
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
Total liabilities and equity, $m
  162
  8
  9
  9
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  12
  13
  13
  14
  16
  16
  17
  18
  18
  19
  20
  21
  22
  22
  23
  26
  27
Debt-to-equity ratio
  -1.661
  -142.960
  -139.540
  -135.820
  -131.860
  -127.720
  -123.440
  -119.080
  -114.670
  -110.250
  -105.840
  -101.470
  -97.160
  -92.930
  -88.790
  -84.740
  -80.810
  -76.990
  -73.280
  -69.700
  -66.240
  -62.910
  -59.700
  -56.610
  -53.650
  -50.800
  -48.070
  -45.450
  -42.950
  -40.550
  -38.250
Adjusted equity ratio
  -26.750
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -153
  -65
  -56
  -57
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -105
  -111
  -116
  -122
  -128
  -134
  -141
  -148
  -155
  -163
  -171
  -179
  -188
Depreciation, amort., depletion, $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
Funds from operations, $m
  -46
  -64
  -55
  -56
  -58
  -60
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -86
  -90
  -95
  -99
  -104
  -109
  -114
  -120
  -126
  -132
  -138
  -145
  -152
  -160
  -168
  -177
  -185
Change in working capital, $m
  16
  -2
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
Cash from operations, $m
  -62
  -62
  -52
  -53
  -54
  -56
  -58
  -60
  -62
  -64
  -67
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -99
  -103
  -108
  -113
  -119
  -125
  -131
  -138
  -144
  -152
  -159
  -167
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
New CAPEX, $m
  -2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from investing activities, $m
  -76
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
Free cash flow, $m
  -138
  -63
  -53
  -54
  -55
  -57
  -59
  -61
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -116
  -122
  -128
  -134
  -140
  -147
  -155
  -163
  -171
Issuance/(repayment) of debt, $m
  0
  -215
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Issuance/(repurchase) of shares, $m
  169
  280
  56
  57
  59
  61
  63
  66
  68
  71
  74
  77
  80
  84
  88
  92
  96
  101
  106
  111
  116
  122
  128
  134
  141
  148
  155
  163
  171
  179
  188
Cash from financing (excl. dividends), $m  
  169
  65
  56
  57
  59
  61
  63
  66
  68
  71
  74
  77
  80
  84
  88
  92
  97
  102
  107
  112
  117
  123
  129
  135
  142
  149
  156
  164
  172
  180
  189
Total cash flow (excl. dividends), $m
  30
  2
  3
  3
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
Retained Cash Flow (-), $m
  2
  -280
  -56
  -57
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -141
  -148
  -155
  -163
  -171
  -179
  -188
Prev. year cash balance distribution, $m
 
  155
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -123
  -53
  -54
  -55
  -57
  -59
  -61
  -63
  -65
  -68
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -140
  -146
  -154
  -161
  -170
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -117
  -48
  -47
  -46
  -44
  -43
  -41
  -39
  -37
  -35
  -33
  -31
  -29
  -27
  -24
  -22
  -20
  -18
  -15
  -13
  -11
  -10
  -8
  -6
  -5
  -4
  -3
  -2
  -2
  -1
Current shareholders' claim on cash, %
  100
  50.0
  0.7
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Immunomedics, Inc. is a clinical-stage biopharmaceutical company. The Company is engaged in developing monoclonal antibody-based products for the targeted treatment of cancer, autoimmune disorders and other serious diseases. Its geographic segments include United States and Europe. Its technologies allow it to create humanized antibodies that can be used either alone in unlabeled or naked form, or conjugated with radioactive isotopes, chemotherapeutics, cytokines or toxins. It has a pipeline of eight clinical-stage product candidates. Its portfolio of investigational products includes antibody-drug conjugates (ADCs) that are designed to deliver a payload of a chemotherapeutic directly to the tumor, while the managing overall toxic effects that are found with conventional administration of these chemotherapy agents. Its ADCs are sacituzumab govitecan (IMMU-132) and labetuzumab govitecan (IMMU-130), which are in Phase II trials.

FINANCIAL RATIOS  of  Immunomedics (IMMU)

Valuation Ratios
P/E Ratio -8.8
Price to Sales 449.7
Price to Book -22.9
Price to Tangible Book
Price to Cash Flow -21.8
Price to Free Cash Flow -21.1
Growth Rates
Sales Growth Rate 0%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity -166.1%
Total Debt to Equity -166.1%
Interest Coverage -30
Management Effectiveness
Return On Assets -134.5%
Ret/ On Assets - 3 Yr. Avg. -88%
Return On Total Capital -387.3%
Ret/ On T. Cap. - 3 Yr. Avg. -182.9%
Return On Equity 263.8%
Return On Equity - 3 Yr. Avg. 61%
Asset Turnover 0
Profitability Ratios
Gross Margin 100%
Gross Margin - 3 Yr. Avg. 83.3%
EBITDA Margin -4900%
EBITDA Margin - 3 Yr. Avg. -2538.9%
Operating Margin -2633.3%
Oper. Margin - 3 Yr. Avg. -1788.9%
Pre-Tax Margin -5100%
Pre-Tax Margin - 3 Yr. Avg. -2677.8%
Net Profit Margin -5100%
Net Profit Margin - 3 Yr. Avg. -2622.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 2.6%
Payout Ratio 0%

IMMU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IMMU stock intrinsic value calculation we used $3 million for the last fiscal year's total revenue generated by Immunomedics. The default revenue input number comes from 2017 income statement of Immunomedics. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our IMMU stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for IMMU is calculated based on our internal credit rating of Immunomedics, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Immunomedics.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of IMMU stock the variable cost ratio is equal to 2066.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for IMMU stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.1% for Immunomedics.

Corporate tax rate of 27% is the nominal tax rate for Immunomedics. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the IMMU stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for IMMU are equal to 150%.

Life of production assets of 4.5 years is the average useful life of capital assets used in Immunomedics operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for IMMU is equal to -4000%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-59 million for Immunomedics - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 125.455 million for Immunomedics is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Immunomedics at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ 5 Cheap Biotech Stocks to Snag on the Bounce   [Dec-08-17 01:59PM  InvestorPlace]
▶ Why Immunomedics, Inc. Is Soaring Today   [Dec-06-17 03:58PM  Motley Fool]
▶ Immunomedics (IMMU) Jumps: Stock Rises 5.4%   [Nov-15-17 08:38AM  Zacks]
▶ Why Immunomedics, Inc. Jumped Higher Today   [Nov-10-17 03:02PM  Motley Fool]
▶ Immunomedics reports 1Q loss   [Nov-09-17 05:21PM  Associated Press]
▶ Why Carnival, Immunomedics, and Fitbit Slumped Today   [Sep-15-17 04:30PM  Motley Fool]
▶ Harry Boxer: These three biotech stocks are breaking out   [Aug-24-17 12:51PM  MarketWatch]
▶ Immunomedics (IMMU) Catches Eye: Stock Up 5.1%   [Aug-23-17 08:48AM  Zacks]
▶ Immunomedics reports 4Q loss   [09:14PM  Associated Press]
▶ ETFs with exposure to Immunomedics, Inc. : July 10, 2017   [Jul-10-17 02:40PM  Capital Cube]
▶ ETFs with exposure to Immunomedics, Inc. : June 27, 2017   [Jun-27-17 03:20PM  Capital Cube]
▶ ETFs with exposure to Immunomedics, Inc. : June 16, 2017   [Jun-16-17 03:54PM  Capital Cube]
▶ Three Junior Biotechs Ready to Run   [Jun-07-17 11:05AM  Investopedia]
▶ ETFs with exposure to Immunomedics, Inc. : June 5, 2017   [Jun-05-17 02:22PM  Capital Cube]
▶ Biotech Movers: Immunomedics, Aerie, Exelixis   [May-26-17 09:33AM  TheStreet.com]
▶ ETFs with exposure to Immunomedics, Inc. : May 25, 2017   [May-25-17 12:41PM  Capital Cube]
▶ Immunomedics reports 3Q loss   [May-10-17 04:10PM  Associated Press]
▶ Immunomedics Breaks Out, But Will It Last?   [06:00AM  Investopedia]
▶ Immunomedics, Seattle Genetics Scrap License Deal   [May-05-17 04:32PM  TheStreet.com]
▶ Why Immunomedics, Inc. Rocketed Today   [01:57PM  Motley Fool]
▶ Why Immunomedics, Inc. Got Hammered Today   [Apr-21-17 06:52PM  Motley Fool]
▶ Biotech Movers: Paratek Spikes 34%   [09:24AM  TheStreet.com]
▶ Battle in the Boardroom: What's Next for Immunomedics   [Mar-28-17 02:06PM  Motley Fool]
Financial statements of IMMU
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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