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 Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Saturday.

Several other research firms have also issued reports on IMAB. Needham & Company LLC increased their price target 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 reaffirmed a "buy" rating and issued a $7.00 target price on shares of I-Mab in a report on Thursday, August 21st. One analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company's stock. According to data from MarketBeat, I-Mab currently has a consensus rating of "Buy" and an average price target of $6.50.

I-Mab Stock Up 7.5%

Shares of NASDAQ IMAB traded up $0.36 during mid-day trading on Friday, reaching $5.18. The company had a trading volume of 853,990 shares, compared to its average volume of 949,870. The business's 50-day simple moving average is $2.86 and its 200 day simple moving average is $1.68. 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 data 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. Sell-side analysts forecast that I-Mab will post -0.56 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Geode Capital Management LLC boosted its stake in shares of I-Mab by 147.6% during the second quarter. Geode Capital Management LLC now owns 54,562 shares of the company's stock valued at $132,000 after purchasing an additional 32,525 shares in the last quarter. HBK Sorce Advisory LLC bought a new position in I-Mab in the 1st quarter valued at approximately $38,000. SG Americas Securities LLC raised its holdings in 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 buying an additional 54,312 shares during the last quarter. Ground Swell Capital LLC acquired a new stake in I-Mab during the 1st quarter worth approximately $53,000. Finally, Millennium Management LLC grew its holdings in I-Mab by 763.1% during the 4th quarter. Millennium Management LLC now owns 97,749 shares of the company's stock worth $83,000 after acquiring an additional 86,424 shares during the last quarter. 38.38% of the stock is currently owned by institutional investors.

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.