I-Mab (NASDAQ:IMAB) Upgraded by Wall Street Zen to "Buy" Rating

Key Points

• Wall Street Zen upgraded I-Mab to a "buy" rating from a previous "hold," indicating increased confidence in the stock's performance.
• Analyst target prices for I-Mab have been raised, with Needham & Company setting a target price of $6.00 and HC Wainwright at $7.00, contributing to a consensus target price of $6.50.
• I-Mab has seen significant institutional interest, with various firms boosting their stake in the company, leading to institutional ownership of approximately 38.38% of its stock.

I-Mab (NASDAQ:IMAB - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Saturday.

Several other research analysts have also recently weighed in on the stock. Needham & Company LLC upped their price objective on shares of I-Mab from $5.00 to $6.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. HC Wainwright restated a "buy" rating and issued a $7.00 price objective on shares of I-Mab in a research report on Thursday, August 21st. One research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. Based on data from MarketBeat.com, I-Mab presently has a consensus rating of "Buy" and a consensus target price of $6.50.

I-Mab Trading Up 1.0%

Shares of IMAB traded up $0.04 during midday trading on Friday, hitting $4.54. 372,152 shares of the company traded hands, compared to its average volume of 954,817. The stock has a 50-day moving average of $2.96 and a 200-day moving average of $1.73. I-Mab has a one year low of $0.60 and a one year high of $5.90.

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 for the quarter, beating the consensus estimate of ($0.10) by $0.03. On average, equities analysts forecast that I-Mab will post -0.56 EPS for the current fiscal year.

Institutional Trading of I-Mab

Hedge funds and other institutional investors have recently bought and sold shares of the company. HBK Sorce Advisory LLC purchased a new stake in I-Mab in the first quarter worth approximately $38,000. Ground Swell Capital LLC purchased a new stake in shares of I-Mab during the first quarter valued at approximately $53,000. Millennium Management LLC boosted its stake in shares of I-Mab by 763.1% during 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 stake in shares of I-Mab during the fourth quarter valued at approximately $93,000. Finally, Cantor Fitzgerald L. P. purchased a new stake in shares of I-Mab during the fourth quarter valued at approximately $119,000. Hedge funds and other 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.