Immunomedics doubles in value on Phase III update for TNBC therapy ahead of June PDUFA; names Semerjian CEO

After halting a Phase III trial early due to efficacy in the difficult setting of triple-negative breast cancer, Immunomedics named a new, commercially-experienced CEO to help the biotech transition into a commercial launch phase.

Immunomedics Inc. (NASDAQ:IMMU) doubled in value Monday, adding more than $2 billion in market cap after the biotech said it was stopping the Phase III ASCENT trial of sacituzumab govitecan in triple-negative breast cancer early based on a unanimous recommendation by the trial's DSMB. ...