I-Mab's (IMAB) Buy Rating Reiterated at HC Wainwright

Key Points

• HC Wainwright has reiterated I-Mab's stock rating as a buy with a price target of $7.00, suggesting a potential upside of 54.87% from its current price.
• I-Mab shares recently traded at $4.52, with a significant 12-month range between $0.60 and $5.90.
• Institutional investors have made notable changes in their positions, including a 763.1% increase in Millennium Management's stake during the fourth quarter.

HC Wainwright reiterated their buy rating on shares of I-Mab (NASDAQ:IMAB - Free Report) in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has a $7.00 price target on the stock.

Other equities analysts also recently issued research reports about the company. Wall Street Zen downgraded I-Mab from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Needham & Company LLC reaffirmed a "buy" rating and issued a $5.00 target price on shares of I-Mab in a research report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $6.50.

I-Mab Price Performance

Shares of I-Mab stock traded up $0.38 on Thursday, hitting $5.09. The stock had a trading volume of 3,479,488 shares, compared to its average volume of 4,503,859. I-Mab has a twelve month low of $0.60 and a twelve month high of $5.90. The business's 50 day moving average is $2.81 and its two-hundred day moving average is $1.65.

I-Mab (NASDAQ:IMAB - Get Free Report) last posted its earnings results on Wednesday, August 20th. The company reported ($0.07) EPS 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.

Institutional Investors Weigh In On I-Mab

A number of large investors have recently added to or reduced their stakes in the stock. Millennium Management LLC boosted its holdings in shares of I-Mab by 763.1% in the 4th 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 in the last quarter. Ground Swell Capital LLC acquired a new stake in shares of I-Mab in the 1st quarter valued at $53,000. BNP Paribas Financial Markets acquired a new stake in shares of I-Mab in the 4th quarter valued at $93,000. HBK Sorce Advisory LLC acquired a new stake in shares of I-Mab in the 1st quarter valued at $38,000. Finally, Cantor Fitzgerald L. P. acquired a new stake in shares of I-Mab in the 4th quarter valued at $119,000. 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.