BTIG Research Initiates Coverage on I-Mab (NASDAQ:IMAB)

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.

Analysts at BTIG Research started coverage on shares of I-Mab (NASDAQ:IMAB - Get Free Report) in a report issued on Tuesday, Marketbeat Ratings reports. The firm set a "buy" rating and a $7.00 price target on the stock. BTIG Research's target price indicates a potential upside of 71.15% from the stock's current price.

A number of other research analysts have also weighed in on the company. Brookline Capital Management restated a "buy" rating on shares of I-Mab in a research report on Thursday, August 28th. Wall Street Zen upgraded I-Mab from a "hold" rating to a "buy" rating in a research report on Saturday, August 23rd. HC Wainwright restated a "buy" rating and set a $7.00 price objective on shares of I-Mab in a research report on Thursday, August 21st. Loop Capital set a $8.00 price objective on I-Mab in a research report on Thursday, August 28th. Finally, Needham & Company LLC restated a "buy" rating and set a $6.00 price objective on shares of I-Mab in a research report on Monday, September 8th. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat, I-Mab currently has a consensus rating of "Buy" and an average target price of $7.00.

I-Mab Trading Up 4.9%

IMAB stock traded up $0.19 during trading on Tuesday, reaching $4.09. The company's stock had a trading volume of 1,375,035 shares, compared to its average volume of 1,921,710. I-Mab has a 1 year low of $0.60 and a 1 year high of $5.90. The company's fifty day moving average is $3.41 and its 200-day moving average is $2.01.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IMAB. Stonepine Capital Management LLC bought a new position in shares of I-Mab in the 1st quarter valued at about $398,000. BNP Paribas Financial Markets bought a new position in shares of I-Mab in the 4th quarter valued at about $93,000. Millennium Management LLC lifted its holdings in shares of 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 during the last quarter. Ground Swell Capital LLC bought a new position in shares of I-Mab in the 1st quarter valued at about $53,000. Finally, SG Americas Securities LLC lifted its holdings in shares of 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 during the last quarter. 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.