I-Mab (NASDAQ:IMAB) Stock Price Up 5.1% - Time to Buy?

I-Mab (NASDAQ:IMAB - Get Free Report) shares shot up 5.1% during trading on Tuesday . The company traded as high as $1.07 and last traded at $1.04. 169,940 shares were traded during mid-day trading, a decline of 45% from the average session volume of 307,624 shares. The stock had previously closed at $0.99.

Analysts Set New Price Targets

A number of brokerages have recently commented on IMAB. HC Wainwright lowered their target price on I-Mab from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Friday, April 4th. Needham & Company LLC restated a "buy" rating and issued a $4.00 target price on shares of I-Mab in a research note on Friday, April 4th. Finally, Brookline Capital Management upgraded I-Mab to a "strong-buy" rating in a research report on Thursday, February 27th.

I-Mab Price Performance

The firm has a fifty day moving average of $0.87 and a 200 day moving average of $0.93.

Institutional Investors Weigh In On I-Mab

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. HBK Sorce Advisory LLC purchased a new position in shares of I-Mab during the first quarter worth $38,000. Ground Swell Capital LLC purchased a new position in shares of I-Mab during the first quarter worth $53,000. Millennium Management LLC boosted its holdings in I-Mab by 763.1% in the fourth quarter. Millennium Management LLC now owns 97,749 shares of the company's stock valued at $83,000 after purchasing an additional 86,424 shares during the period. BNP Paribas Financial Markets purchased a new position in I-Mab in the fourth quarter valued at $93,000. Finally, Cantor Fitzgerald L. P. purchased a new position in I-Mab in the fourth quarter valued at $119,000. Institutional investors and hedge funds 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.