I-Mab Sponsored ADR (NASDAQ:IMAB) Sees Large Increase in Short Interest

Key Points

• I-Mab Sponsored ADR (NASDAQ:IMAB) experienced a **239.7% increase** in short interest in August, with total short interest reaching **1,710,000 shares** by August 15th.
• Analysts generally maintain a **positive outlook** on I-Mab, with multiple firms raising their target prices; the **average target price** now sits at **$7.00**, and the stock has an overall rating of **"Buy."**
• The company's recent earnings report showed an **earnings per share** of **($0.07)**, exceeding analysts' expectations by **$0.03**, while projections for the current fiscal year estimate an EPS of **-0.56**.

I-Mab Sponsored ADR (NASDAQ:IMAB - Get Free Report) saw a large increase in short interest during the month of August. As of August 15th, there was short interest totaling 1,710,000 shares, anincreaseof239.7% from the July 31st total of 503,400 shares. Based on an average daily trading volume, of 1,960,000 shares, the short-interest ratio is presently 0.9 days. Approximately2.7% of the shares of the company are short sold. Approximately2.7% of the shares of the company are short sold. Based on an average daily trading volume, of 1,960,000 shares, the short-interest ratio is presently 0.9 days.

Hedge Funds Weigh In On I-Mab

Institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC raised its position in 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 buying an additional 32,525 shares during the period. HBK Sorce Advisory LLC acquired a new position in I-Mab during the first quarter valued at $38,000. SG Americas Securities LLC raised its position in 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 buying an additional 54,312 shares during the period. Ground Swell Capital LLC acquired a new position in I-Mab during the first quarter valued at $53,000. Finally, Millennium Management LLC raised its position in 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 buying an additional 86,424 shares during the period. Institutional investors own 38.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on IMAB. Brookline Capital Management reiterated a "buy" rating on shares of I-Mab in a research note on Thursday, August 28th. Loop Capital set a $8.00 target price on shares of I-Mab in a research note on Thursday, August 28th. Needham & Company LLC boosted their target price on shares of I-Mab from $5.00 to $6.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Wall Street Zen upgraded shares of I-Mab from a "hold" rating to a "buy" rating in a research note on Saturday, August 23rd. Finally, HC Wainwright reissued a "buy" rating and issued a $7.00 price target on shares of I-Mab in a report on Thursday, August 21st. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $7.00.

I-Mab Trading Up 0.7%

Shares of NASDAQ IMAB traded up $0.03 during mid-day trading on Friday, hitting $4.38. The company had a trading volume of 1,199,503 shares, compared to its average volume of 2,025,047. I-Mab has a 12 month low of $0.60 and a 12 month high of $5.90. The firm's 50 day simple moving average is $3.22 and its two-hundred day simple moving average is $1.89.

I-Mab (NASDAQ:IMAB - Get Free Report) last announced its 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. Equities research analysts expect that I-Mab will post -0.56 EPS for the current year.

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.