Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Immunomedics (NASDAQ:IMMU) have fallen more than 12% today on the heels of what can best be termed a strong earnings report. News of a new patent awarded for the company's development of a cancer-fighting antibody did not even register with investors.

So what: Immunomedics reported $5.5 million in revenue for its 2014 fiscal first quarter, of which all but $1.1 million came from a license agreement with Algeta, wherein Immunomedics supplied the larger company with epratuzumab for development. Its net loss of $0.05 per share was half the loss reported in the year-ago quarter, and was also $0.04 better than Wall Street's expectations.

Several of the company's clinical programs appear to be moving forward as well, including a phase 3 registration trial of 90 Y-clivatuzumab tetraxetan, which should start no later than the beginning of 2014. This trial was the source of a large pop about two weeks ago. An announcement made this morning on the patenting of Immunogenics' TROP-2 antibody noted that this treatment will now be covered through 2023, at least for its cancer-focused IMMU-132 conjugate of the antibody.

Immunomedics' earnings report did contain some bad news, however. The company's ongoing battle with Takeda Pharmaceutical over a licensing agreement for the use of veltuzmab will soon require a response from Immunomedics, as Takeda now claims that the agreement was wrongly terminated.

Now what: Immunomedics may be in a tough spot for the current quarter, between the Takeda fight and the fact that Algeta's licensing agreement appears to have only run through the completed quarter. On the other hand, the company has enough cash to get through a lean period, and with a phase 3 trial now moving forward in addition to multiple phase 1 and 2 trials under way, there are several possibilities for success lined up over the next couple of years. Today's drop seems more a short-term reaction than anything related to Immunomedics' long-term opportunities.

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