Intrinsic value of Immunomedics - IMMU

Previous Close

$7.78

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

0%

Previous close

$7.78

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

0%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 2016), $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 0.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -50.00
  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
 
  27
  27
  28
  29
  29
  30
  31
  33
  34
  35
  36
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  61
  64
  67
  71
  74
  78
  81
  85
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
  62
  27
  27
  28
  29
  29
  30
  31
  33
  34
  35
  36
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  61
  64
  67
  71
  74
  78
  81
  85
Operating income, $m
  -59
  -23
  -24
  -25
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -60
  -62
  -65
  -69
  -72
  -75
EBITDA, $m
  -58
  -23
  -24
  -24
  -25
  -26
  -27
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -74
Interest expense (income), $m
  5
  5
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
Earnings before tax, $m
  -64
  -29
  -26
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
Tax expense, $m
  -5
  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
  -59
  -29
  -26
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  51
  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
  57
  58
  59
  61
  62
  64
  66
  69
  71
  74
  76
  79
  83
  86
  90
  94
  98
  102
  107
  111
  117
  122
  128
  134
  140
  147
  154
  161
  169
  177
  186
Adjusted assets (=assets-cash), $m
  6
  58
  59
  61
  62
  64
  66
  69
  71
  74
  76
  79
  83
  86
  90
  94
  98
  102
  107
  111
  117
  122
  128
  134
  140
  147
  154
  161
  169
  177
  186
Revenue / Adjusted assets
  0.500
  0.052
  0.051
  0.049
  0.048
  0.047
  0.061
  0.058
  0.056
  0.054
  0.053
  0.051
  0.048
  0.058
  0.056
  0.053
  0.051
  0.049
  0.056
  0.054
  0.051
  0.049
  0.055
  0.052
  0.050
  0.054
  0.052
  0.056
  0.053
  0.051
  0.054
Average production assets, $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
Working capital, $m
  38
  0
  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
Total debt, $m
  97
  35
  36
  38
  39
  41
  43
  45
  47
  49
  52
  54
  57
  60
  64
  67
  71
  75
  79
  83
  88
  93
  98
  103
  109
  115
  121
  128
  135
  142
  150
Total liabilities, $m
  114
  52
  53
  55
  56
  58
  60
  62
  64
  66
  69
  71
  74
  77
  81
  84
  88
  92
  96
  100
  105
  110
  115
  120
  126
  132
  138
  145
  152
  159
  167
Total equity, $m
  -57
  6
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
Total liabilities and equity, $m
  57
  58
  59
  61
  62
  64
  67
  69
  71
  73
  77
  79
  82
  86
  90
  93
  98
  102
  107
  111
  117
  122
  128
  133
  140
  147
  153
  161
  169
  177
  186
Debt-to-equity ratio
  -1.702
  6.060
  6.120
  6.190
  6.270
  6.350
  6.430
  6.520
  6.600
  6.690
  6.770
  6.860
  6.940
  7.020
  7.110
  7.180
  7.260
  7.330
  7.410
  7.480
  7.540
  7.610
  7.670
  7.730
  7.790
  7.840
  7.890
  7.940
  7.990
  8.040
  8.080
Adjusted equity ratio
  -18.000
  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
  -59
  -29
  -26
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
Depreciation, amort., depletion, $m
  1
  0
  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
Funds from operations, $m
  -43
  -28
  -26
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -82
Change in working capital, $m
  5
  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 from operations, $m
  -48
  -28
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -59
  -62
  -64
  -68
  -71
  -74
  -78
  -82
Maintenance CAPEX, $m
  0
  0
  0
  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
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
  0
  0
  0
  0
  0
  0
  0
Cash from investing activities, $m
  46
  0
  0
  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
Free cash flow, $m
  -2
  -29
  -26
  -27
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
Issuance/(repayment) of debt, $m
  0
  -62
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
Issuance/(repurchase) of shares, $m
  3
  91
  26
  27
  27
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  73
  76
  80
  84
Cash from financing (excl. dividends), $m  
  2
  29
  27
  28
  29
  30
  31
  32
  33
  35
  37
  38
  40
  41
  43
  45
  48
  50
  52
  54
  57
  60
  62
  65
  69
  72
  75
  80
  83
  87
  92
Total cash flow (excl. dividends), $m
  0
  1
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
Retained Cash Flow (-), $m
  53
  -91
  -26
  -27
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
Prev. year cash balance distribution, $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 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
 
  -91
  -25
  -25
  -26
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -60
  -62
  -65
  -69
  -72
  -75
Discount rate, %
 
  16.10
  16.91
  17.75
  18.64
  19.57
  20.55
  21.58
  22.65
  23.79
  24.98
  26.23
  27.54
  28.91
  30.36
  31.88
  33.47
  35.14
  36.90
  38.75
  40.68
  42.72
  44.85
  47.10
  49.45
  51.92
  54.52
  57.25
  60.11
  63.11
  66.27
PV of cash for distribution, $m
 
  -78
  -18
  -15
  -13
  -11
  -9
  -7
  -6
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  9.1
  1.7
  0.3
  0.1
  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., a clinical-stage biopharmaceutical company, focuses on the development of monoclonal antibody-based products for the targeted treatment of cancer, autoimmune disorders, and other diseases. The company engages in developing antibody-drug conjugate (ADC) products comprising IMMU-132, an ADC that contains SN-38, which is in Phase II trials used for the treatment of patients with metastatic triple-negative breast cancer, and small-cell and non-small-cell lung cancers; IMMU-130, an anti-CEACAN5-SN-38 ADC that is in Phase II trials for the treatment of solid tumors and metastatic colorectal cancer; and epratuzumab, a humanized antibody that targets CD22, an antigen found on the surface of B lymphocytes. Its early-stage products include IMMU-114, a novel humanized antibody for the treatment of patients with B-cell and other cancers; Milatuzumab, a humanized monoclonal antibody targeting tumors that expresses the CD74 antigen, which is present on various hematological tumors and solid cancers; Veltuzumab, a humanized monoclonal antibody targeting CD20 receptors on B lymphocytes for the treatment of non-Hodgkin lymphoma and autoimmune diseases; and Yttrium-90-Labeled Epratuzumab Tetraxetan, a radiolabeled anti-CD22 investigational product. The company also provides LeukoScan, a diagnostic imaging product for diagnostic imaging to determine the location and extent of infection/inflammation in bone. In addition, it offers other product candidates for the treatment of solid tumors and hematologic malignancies, as well as other diseases, which are in various stages of clinical and pre-clinical development. The company has a research collaboration with The Bayer Group to study epratuzumab as a thorium-227-labeled antibody. Immunomedics, Inc. was founded in 1982 and is headquartered in Morris Plains, New Jersey.

FINANCIAL RATIOS  of  Immunomedics (IMMU)

Valuation Ratios
P/E Ratio -12.6
Price to Sales 248.5
Price to Book -13.1
Price to Tangible Book
Price to Cash Flow -15.5
Price to Free Cash Flow -14.9
Growth Rates
Sales Growth Rate -50%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity -170.2%
Total Debt to Equity -170.2%
Interest Coverage -12
Management Effectiveness
Return On Assets -66.7%
Ret/ On Assets - 3 Yr. Avg. -67.7%
Return On Total Capital -88.7%
Ret/ On T. Cap. - 3 Yr. Avg. -83.4%
Return On Equity 193.4%
Return On Equity - 3 Yr. Avg. -56.5%
Asset Turnover 0
Profitability Ratios
Gross Margin 66.7%
Gross Margin - 3 Yr. Avg. 79.6%
EBITDA Margin -1933.3%
EBITDA Margin - 3 Yr. Avg. -1035.2%
Operating Margin -1966.7%
Oper. Margin - 3 Yr. Avg. -1044.4%
Pre-Tax Margin -2133.3%
Pre-Tax Margin - 3 Yr. Avg. -1111.1%
Net Profit Margin -1966.7%
Net Profit Margin - 3 Yr. Avg. -1051.9%
Effective Tax Rate 7.8%
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 2016 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 16.1%, 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 866.7%.

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 5.2% 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 100%.

Life of production assets of 10 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 -10%. 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 - $-57 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 103.593 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 $0.8 billion.

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COMPANY NEWS

▶ 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]
▶ 3 Companies That Need to Kick Their CEO to the Curb   [Mar-17-17 02:46PM  Motley Fool]
▶ Why Immunomedics, Inc. Jumped Higher Today   [Mar-09-17 04:39PM  at Motley Fool]
▶ venBio Encourages Stockholders to Vote for Change   [Mar-02-17 01:51PM  Business Wire]
▶ venBio Sends Letter to Immunomedics Stockholders   [Feb-22-17 08:32AM  Business Wire]
▶ VenBio Tries to Block Immunomedics Cancer Deal   [11:21AM  at Investopedia]
▶ Seattle Genetics Earnings: Waiting on ECHELON   [01:55AM  at Motley Fool]
▶ Heres Our Take On The Immunomedics, Inc. (IMMU) Deal   [Feb-13-17 10:30AM  at Insider Monkey]
Stock chart of IMMU 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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