I-Mab (NASDAQ:IMAB) Upgraded to Buy at Wall Street Zen

Key Points

• I-Mab has been upgraded to a Buy rating by Wall Street Zen, shifting from a previous Hold rating.
• Analysts have set various price targets for I-Mab, with a consensus average target price of $7.33 among five analysts rating the stock.
• I-Mab's recent trading activity showed an increase to $4.32 per share, up from a twelve-month low of $0.60.

I-Mab (NASDAQ:IMAB - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Friday.

Several other analysts have also weighed in on IMAB. BTIG Research initiated coverage on I-Mab in a report on Tuesday, September 9th. They issued a "buy" rating and a $7.00 price objective for the company. Loop Capital set a $8.00 price target on I-Mab in a report on Thursday, August 28th. Brookline Capital Management reaffirmed a "buy" rating on shares of I-Mab in a report on Thursday, August 28th. Leerink Partners assumed coverage on shares of I-Mab in a research note on Friday. They set an "outperform" rating and a $9.00 target price for the company. Finally, Needham & Company LLC restated a "buy" rating and issued a $6.00 price target on shares of I-Mab in a research report on Monday, September 8th. Five analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $7.33.

I-Mab Price Performance

Shares of IMAB stock traded up $0.19 during trading hours on Friday, reaching $4.32. The company had a trading volume of 1,973,969 shares, compared to its average volume of 1,562,941. I-Mab has a twelve month low of $0.60 and a twelve month high of $5.90. The stock's fifty day simple moving average is $3.90 and its 200 day simple moving average is $2.30.

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

Hedge Funds Weigh In On I-Mab

Several large investors have recently bought and sold shares of the stock. Stonepine Capital Management LLC acquired a new position in shares of I-Mab during the first quarter valued at approximately $398,000. Millennium Management LLC boosted its stake in shares of 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 in the last quarter. Ground Swell Capital LLC acquired a new position in shares of I-Mab in the 1st quarter worth $53,000. SG Americas Securities LLC lifted its holdings in shares of I-Mab by 6.6% during the second quarter. SG Americas Securities LLC now owns 876,353 shares of the company's stock valued at $2,121,000 after purchasing an additional 54,312 shares during the last quarter. Finally, HBK Sorce Advisory LLC acquired a new position in shares of I-Mab in the 1st quarter valued at $38,000. 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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