BTIG Research Forecasts Strong Price Appreciation for I-Mab (NASDAQ:IMAB) Stock

Key Points

• BTIG Research has raised its target price for I-Mab (NASDAQ:IMAB) from $7.00 to $9.00, indicating a potential upside of 54.22% from the previous close.
• I-Mab's stock is currently rated as a "Moderate Buy" by analysts, with a consensus target price of $7.67.
• Despite the positive forecast, I-Mab's stock recently traded down 11.0%, reaching $5.84 on the market.

I-Mab (NASDAQ:IMAB - Get Free Report) had its target price increased by equities research analysts at BTIG Research from $7.00 to $9.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. BTIG Research's target price indicates a potential upside of 54.22% from the stock's previous close.

A number of other research analysts have also recently commented on the company. Loop Capital set a $8.00 target price on I-Mab in a research note on Thursday, August 28th. New Street Research set a $7.00 price target on I-Mab in a research report on Wednesday, September 10th. Brookline Capital Management reissued a "buy" rating on shares of I-Mab in a research note on Thursday, August 28th. Weiss Ratings restated a "sell (d+)" rating on shares of I-Mab in a research note on Wednesday, October 8th. Finally, Leerink Partners began coverage on shares of I-Mab in a report on Friday, October 3rd. They issued an "outperform" rating and a $9.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, I-Mab presently has a consensus rating of "Moderate Buy" and a consensus target price of $7.67.

I-Mab Trading Down 11.0%

NASDAQ IMAB traded down $0.72 on Friday, hitting $5.84. The company's stock had a trading volume of 3,601,283 shares, compared to its average volume of 1,121,414. I-Mab has a 52-week low of $0.60 and a 52-week high of $6.79. The company's 50-day simple moving average is $4.38 and its 200 day simple moving average is $2.58.

I-Mab (NASDAQ:IMAB - Get Free Report) last announced its quarterly earnings data on Wednesday, August 20th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.10) by $0.03. On average, analysts forecast that I-Mab will post -0.56 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. HBK Sorce Advisory LLC acquired a new stake in I-Mab in the 1st quarter valued at about $38,000. Geode Capital Management LLC lifted its position in shares of I-Mab by 147.6% in the second quarter. Geode Capital Management LLC now owns 54,562 shares of the company's stock worth $132,000 after purchasing an additional 32,525 shares in the last quarter. Ground Swell Capital LLC bought a new stake in I-Mab during the first quarter worth $53,000. Stonepine Capital Management LLC acquired a new position in shares of I-Mab in the first quarter valued at $398,000. Finally, SG Americas Securities LLC increased its holdings in shares of I-Mab by 6.6% in the second quarter. SG Americas Securities LLC now owns 876,353 shares of the company's stock valued at $2,121,000 after purchasing an additional 54,312 shares during the last quarter. 38.38% of the stock is currently owned by institutional investors and hedge funds.

About I-Mab

I-Mab, a clinical stage biopharmaceutical company, discovers, develops, and commercializes biologics in the fields of immuno-oncology and immuno-inflammation diseases primarily in the United States. It is developing Uliledlimab, a CD73 neutralizing antibody, which is in Phase 2 clinical trial for the treatment of solid tumors; Givastomig, a bi-specific antibody that is in Phase 1 clinical trial for the treatment of gastric and other cancers; and Ragistomig, a programmed cell death ligand-based tumor-dependent T cell engager, which is in Phase 1 clinical trial for the treatment of for solid tumors.

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