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 report published on Thursday morning,Benzinga reports. They currently have a $7.00 target price on the stock.

Several other analysts have also recently commented on IMAB. Needham & Company LLC reissued a "buy" rating and set a $5.00 price target on shares of I-Mab in a research note on Wednesday, July 9th. Wall Street Zen lowered shares of I-Mab from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. One investment analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $6.50.

I-Mab Price Performance

NASDAQ:IMAB traded up $0.22 on Thursday, reaching $5.04. The stock had a trading volume of 661,375 shares, compared to its average volume of 948,510. I-Mab has a 1-year low of $0.60 and a 1-year high of $5.90. The stock has a fifty day moving average price of $2.86 and a 200-day moving average price of $1.68.

I-Mab (NASDAQ:IMAB - Get Free Report) last released its quarterly earnings results on Wednesday, August 20th. The company reported ($0.07) EPS for the quarter, beating analysts' consensus estimates of ($0.10) by $0.03. On average, equities analysts anticipate that I-Mab will post -0.56 EPS for the current fiscal year.

Hedge Funds Weigh In On I-Mab

A number of hedge funds and other institutional investors have recently made changes to their positions in IMAB. SG Americas Securities LLC grew its position in shares of 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 acquiring an additional 54,312 shares during the period. Geode Capital Management LLC lifted its stake in shares of I-Mab by 147.6% during the 2nd quarter. Geode Capital Management LLC now owns 54,562 shares of the company's stock worth $132,000 after buying an additional 32,525 shares during the last quarter. Stonepine Capital Management LLC acquired a new stake in shares of I-Mab during the 1st quarter worth about $398,000. Ground Swell Capital LLC acquired a new stake in shares of I-Mab during the 1st quarter worth about $53,000. Finally, HBK Sorce Advisory LLC acquired a new stake in shares of I-Mab during the 1st quarter worth about $38,000. 38.38% of the stock is 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.