I-Mab (NASDAQ:IMAB) Trading 14.1% Higher - Here's Why

Key Points

• I-Mab's stock surged 14.1% during mid-day trading, reaching a high of $3.94, with a last trading price of $3.89.
• HC Wainwright reaffirmed a "buy" rating with a target price of $7.00, while Wall Street Zen downgraded the stock to "hold."
• Institutional investors own 38.38% of I-Mab's stock, with significant stakes acquired by several large firms in the last quarter.

I-Mab Sponsored ADR (NASDAQ:IMAB - Get Free Report) shares traded up 14.1% during mid-day trading on Monday . The company traded as high as $3.94 and last traded at $3.89. 2,854,777 shares were traded during trading, a decline of 16% from the average session volume of 3,387,099 shares. The stock had previously closed at $3.41.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. HC Wainwright reissued a "buy" rating and set a $7.00 target price on shares of I-Mab in a research report on Wednesday, July 9th. Wall Street Zen downgraded shares of I-Mab from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $5.00 price objective on shares of I-Mab in a research report on Wednesday, July 9th.

I-Mab Price Performance

The company's 50-day simple moving average is $2.41 and its 200-day simple moving average is $1.43.

Institutional Trading of I-Mab

Several large investors have recently bought and sold shares of IMAB. BNP Paribas Financial Markets acquired a new stake in I-Mab in the fourth quarter valued at approximately $93,000. Cantor Fitzgerald L. P. acquired a new stake in I-Mab in the fourth quarter valued at approximately $119,000. Millennium Management LLC grew its position 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 acquiring an additional 86,424 shares in the last quarter. HBK Sorce Advisory LLC acquired a new stake in I-Mab in the first quarter valued at approximately $38,000. Finally, Ground Swell Capital LLC purchased a new position in shares of I-Mab during the 1st quarter valued at approximately $53,000. 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.

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