I-Mab (NASDAQ:IMAB) Releases Earnings Results, Beats Expectations 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) announced its quarterly earnings data on Wednesday. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.03, Zacks reports.

I-Mab Stock Performance

Shares of IMAB traded up $0.38 during midday trading on Friday, hitting $5.09. 3,479,488 shares of the stock traded hands, compared to its average volume of 4,503,859. The business's 50 day moving average price is $2.81 and its two-hundred day moving average price is $1.65. I-Mab has a 1-year low of $0.60 and a 1-year high of $5.90.

Wall Street Analyst Weigh In

Several research firms recently issued reports on IMAB. Needham & Company LLC upped their price target on I-Mab from $5.00 to $6.00 and gave the company a "buy" rating in a research report on Wednesday. HC Wainwright reiterated a "buy" rating and set a $7.00 target price on shares of I-Mab in a research note on Thursday. Finally, Wall Street Zen raised shares of I-Mab from a "hold" rating to a "buy" rating in a report on Saturday. One analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $6.50.

Institutional Trading of I-Mab

An institutional investor recently raised its position in I-Mab stock. Geode Capital Management LLC grew its position in I-Mab Sponsored ADR (NASDAQ:IMAB - Free Report) by 147.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 54,562 shares of the company's stock after purchasing an additional 32,525 shares during the period. Geode Capital Management LLC owned approximately 0.07% of I-Mab worth $132,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 38.38% of the company's stock.

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.