Immunomedics Shares Rise On Study Plan

NEW YORK (AP) — Shares of Immunomedics Inc. jumped Friday after the company said the Food and Drug Administration approved the company's plan to begin human studies on a potential cancer treatment.

Shares rose 29 cents, or 7 percent, to $4.41 in morning trading. The stock has traded between 84 cents and $5.39 over the last 52 weeks.

The Morris Plains, N.J.-based company will conduct an early-stage clinical trial on milatuzumab-doxorubicin conjugate, aimed at treating multiple myeloma, which affects white blood cells.

The key goal of the early-stage study is to determine safety and tolerability.

Elsewhere, the broader markets sold off sharply after the release of data showing consumer sentiment fell earlier this month, sparking fears consumers may curtail their spending and slow the economic recovery.