I-Mab (NASDAQ:IMAB) Releases Earnings Results, Beats Estimates By $0.03 EPS

Key Points

• I-Mab (NASDAQ:IMAB) reported earnings of ($0.07) per share, surpassing analysts' expectations of ($0.10) by $0.03.
• The company's stock has a consensus rating of "Buy" with an average target price of $6.00.
• Geode Capital Management LLC significantly increased its stake in I-Mab by 147.6% during the second quarter, owning approximately 38.38% of the stock.

I-Mab (NASDAQ:IMAB - Get Free Report) issued its earnings results on Wednesday. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.03, Zacks reports.

I-Mab Price Performance

Shares of I-Mab stock traded down $0.03 on Monday, reaching $5.06. The company had a trading volume of 1,514,669 shares, compared to its average volume of 946,629. The firm's 50-day moving average price is $2.81 and its two-hundred day moving average price is $1.66. I-Mab has a 1 year low of $0.60 and a 1 year high of $5.90.

Wall Street Analyst Weigh In

IMAB has been the topic of several research reports. Wall Street Zen raised I-Mab from a "hold" rating to a "buy" rating in a report on Saturday. HC Wainwright reissued a "buy" rating and set a $7.00 price objective on shares of I-Mab in a research note on Thursday. Finally, Needham & Company LLC boosted their price objective on I-Mab from $5.00 to $6.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. One investment analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. According to MarketBeat.com, I-Mab currently has an average rating of "Buy" and an average target price of $6.50.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in I-Mab stock. Geode Capital Management LLC grew its holdings in shares of I-Mab Sponsored ADR (NASDAQ:IMAB - Free Report) by 147.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 54,562 shares of the company's stock after buying an additional 32,525 shares during the quarter. Geode Capital Management LLC owned 0.07% of I-Mab worth $132,000 at the end of the most recent reporting period. 38.38% of the stock is currently owned by institutional investors.

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.