Stonepine Capital Management LLC Invests $398,000 in I-Mab Sponsored ADR $IMAB

Key Points

• Stonepine Capital Management LLC has made a new investment in I-Mab, acquiring approximately 483,647 shares valued at $398,000, representing about 0.59% ownership of the company.
• Several institutional investors, including Millennium Management LLC and Cantor Fitzgerald L. P., have significantly increased their stakes in I-Mab during recent quarters.
• Analysts have recently upgraded I-Mab's stock rating to "buy" with an average price target of $6.50, reflecting positive sentiment in the market regarding the company's future performance.

Stonepine Capital Management LLC acquired a new stake in shares of I-Mab Sponsored ADR (NASDAQ:IMAB - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 483,647 shares of the company's stock, valued at approximately $398,000. Stonepine Capital Management LLC owned approximately 0.59% of I-Mab as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Cantor Fitzgerald L. P. acquired a new position in I-Mab during the 4th quarter worth about $119,000. BNP Paribas Financial Markets acquired a new position in I-Mab during the 4th quarter worth about $93,000. Millennium Management LLC lifted its holdings in I-Mab by 763.1% during the 4th quarter. Millennium Management LLC now owns 97,749 shares of the company's stock worth $83,000 after buying an additional 86,424 shares during the period. Ground Swell Capital LLC acquired a new position in I-Mab during the 1st quarter worth about $53,000. Finally, HBK Sorce Advisory LLC acquired a new position in I-Mab during the 1st quarter worth about $38,000. Institutional investors and hedge funds own 38.38% of the company's stock.

I-Mab Stock Up 7.5%

IMAB stock traded up $0.36 during trading on Tuesday, reaching $5.18. 853,990 shares of the stock were exchanged, compared to its average volume of 4,749,311. The firm's 50 day moving average is $2.91 and its 200 day moving average is $1.71. I-Mab Sponsored ADR has a twelve month low of $0.60 and a twelve month high of $5.90.

I-Mab (NASDAQ:IMAB - Get Free Report) last posted its quarterly earnings results on Wednesday, August 20th. The company reported ($0.07) earnings per share for the quarter, topping analysts' consensus estimates of ($0.10) by $0.03. On average, research analysts expect that I-Mab Sponsored ADR will post -0.56 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Wall Street Zen raised I-Mab from a "hold" rating to a "buy" rating in a report on Saturday. HC Wainwright reaffirmed a "buy" rating and set a $7.00 target price on shares of I-Mab in a report on Thursday, August 21st. Finally, Needham & Company LLC lifted their target price on I-Mab from $5.00 to $6.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $6.50.

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.