I-Mab (NASDAQ:IMAB) Coverage Initiated at BTIG Research

Key Points

• BTIG Research has initiated coverage of I-Mab (NASDAQ:IMAB) with a buy rating and a price target of $7.00, indicating a potential upside of 63.93% from its previous close.
• I-Mab recently reported earnings of ($0.07) per share, surpassing analysts' expectations of ($0.10) per share.
• Institutional investors currently hold 38.38% of I-Mab's stock, with significant increases in holdings from several large investors in recent quarters.

Research analysts at BTIG Research started coverage on shares of I-Mab (NASDAQ:IMAB - Get Free Report) in a research note issued on Tuesday, MarketBeat reports. The firm set a "buy" rating and a $7.00 price target on the stock. BTIG Research's price objective would indicate a potential upside of 71.15% from the stock's previous close.

Other research analysts also recently issued research reports about the company. Needham & Company LLC reiterated a "buy" rating and set a $6.00 target price on shares of I-Mab in a report on Monday. Loop Capital set a $8.00 target price on I-Mab in a report on Thursday, August 28th. HC Wainwright reiterated a "buy" rating and set a $7.00 target price on shares of I-Mab in a report on Thursday, August 21st. Wall Street Zen upgraded I-Mab from a "hold" rating to a "buy" rating in a report on Saturday, August 23rd. Finally, Brookline Capital Management reiterated a "buy" rating on shares of I-Mab in a report on Thursday, August 28th. Four analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $7.00.

I-Mab Stock Up 4.9%

NASDAQ:IMAB traded up $0.19 during mid-day trading on Tuesday, reaching $4.09. 1,375,035 shares of the company's stock traded hands, compared to its average volume of 1,006,433. I-Mab has a 12-month low of $0.60 and a 12-month high of $5.90. The company has a 50 day moving average price of $3.38 and a 200-day moving average price of $1.98.

I-Mab (NASDAQ:IMAB - Get Free Report) last announced its quarterly earnings results 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. Sell-side analysts anticipate that I-Mab will post -0.56 EPS for the current year.

Institutional Trading of I-Mab

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC grew its stake in shares of I-Mab by 147.6% in the 2nd quarter. Geode Capital Management LLC now owns 54,562 shares of the company's stock worth $132,000 after buying an additional 32,525 shares during the last quarter. HBK Sorce Advisory LLC bought a new position in I-Mab in the 1st quarter valued at approximately $38,000. SG Americas Securities LLC lifted its position in I-Mab by 6.6% in the 2nd quarter. SG Americas Securities LLC now owns 876,353 shares of the company's stock valued at $2,121,000 after acquiring an additional 54,312 shares in the last quarter. Ground Swell Capital LLC bought a new position in I-Mab in the 1st quarter valued at approximately $53,000. Finally, Millennium Management LLC lifted its position in I-Mab by 763.1% in the 4th quarter. Millennium Management LLC now owns 97,749 shares of the company's stock valued at $83,000 after acquiring an additional 86,424 shares in the last quarter. Hedge funds and other institutional investors own 38.38% of the company's stock.

I-Mab Company Profile

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.