I-Mab (NASDAQ:IMAB) Shares Up 6.2% - What's Next?

Key Points

• I-Mab's shares rose by 6.2% on Thursday, with the stock reaching a high of $6.72 before closing at $6.51, significantly above its previous close of $6.13.
• Analyst ratings for I-Mab show a consensus of "Moderate Buy" with an average target price of $7.33, supported by multiple brokerages reinstating or initiating buy ratings on the stock.
• Institutional investors currently own approximately 38.38% of I-Mab's stock, indicating significant interest and investment in the company from larger financial entities.

I-Mab Sponsored ADR (NASDAQ:IMAB - Get Free Report) shares shot up 6.2% on Thursday . The company traded as high as $6.72 and last traded at $6.51. 1,765,656 shares traded hands during mid-day trading, an increase of 60% from the average session volume of 1,101,864 shares. The stock had previously closed at $6.13.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on IMAB. Brookline Capital Management restated a "buy" rating on shares of I-Mab in a report on Thursday, August 28th. BTIG Research began coverage on shares of I-Mab in a report on Tuesday, September 9th. They issued a "buy" rating and a $7.00 price objective on the stock. Needham & Company LLC restated a "buy" rating and issued a $6.00 price objective on shares of I-Mab in a report on Monday, September 8th. Weiss Ratings reiterated a "sell (d+)" rating on shares of I-Mab in a research note on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of I-Mab from a "hold" rating to a "buy" rating in a research note on Saturday, October 11th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $7.33.

I-Mab Stock Up 7.0%

The firm's 50 day moving average price is $4.32 and its 200-day moving average price is $2.54.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IMAB. HBK Sorce Advisory LLC bought a new position in I-Mab during the first quarter valued at approximately $38,000. Ground Swell Capital LLC bought a new position in I-Mab in the first quarter worth approximately $53,000. Geode Capital Management LLC raised its position in I-Mab by 147.6% in the second quarter. Geode Capital Management LLC now owns 54,562 shares of the company's stock worth $132,000 after acquiring an additional 32,525 shares during the period. Stonepine Capital Management LLC bought a new position in I-Mab in the first quarter worth approximately $398,000. Finally, SG Americas Securities LLC raised its position in I-Mab by 6.6% in the second quarter. SG Americas Securities LLC now owns 876,353 shares of the company's stock worth $2,121,000 after acquiring an additional 54,312 shares during the period. 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.

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