I-Mab (NASDAQ:IMAB) was downgraded by Zacks Investment Research from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Thursday, Zacks.com reports.
According to Zacks, "I-Mab is a clinical stage biopharmaceutical company. It engages in discovery, development and commercialization of biologics to treat diseases with significant unmet medical needs, particularly cancers and autoimmune disorders. I-Mab is based in SHANGHAI, China. "
Several other brokerages have also issued reports on IMAB. Piper Sandler started coverage on I-Mab in a research note on Thursday, February 25th. They set an "overweight" rating and a $75.00 price target on the stock. Cantor Fitzgerald boosted their price target on I-Mab from $76.00 to $90.00 and gave the company an "overweight" rating in a research note on Thursday. Daiwa Capital Markets assumed coverage on I-Mab in a research note on Wednesday, June 2nd. They issued a "buy" rating on the stock. Needham & Company LLC assumed coverage on I-Mab in a research note on Monday, March 15th. They issued a "buy" rating and a $75.00 price objective on the stock. Finally, HC Wainwright restated a "buy" rating on shares of I-Mab in a research report on Tuesday, March 30th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company. The stock has a consensus rating of "Buy" and a consensus target price of $71.20.
Shares of NASDAQ:IMAB traded down $2.70 on Thursday, reaching $73.33. The company had a trading volume of 468,360 shares, compared to its average volume of 469,560. I-Mab has a twelve month low of $23.23 and a twelve month high of $84.01. The company has a 50-day moving average of $63.30. The stock has a market cap of $5.31 billion, a PE ratio of 69.18 and a beta of 0.75.
A number of hedge funds have recently added to or reduced their stakes in the business. Ward Ferry Management BVI Ltd grew its holdings in shares of I-Mab by 137.9% in the 1st quarter. Ward Ferry Management BVI Ltd now owns 1,791,496 shares of the company's stock valued at $86,834,000 after acquiring an additional 1,038,559 shares in the last quarter. Exane Derivatives acquired a new stake in I-Mab in the 1st quarter valued at about $182,000. Jane Street Group LLC acquired a new stake in I-Mab in the 4th quarter valued at about $407,000. Renaissance Technologies LLC lifted its stake in I-Mab by 27.6% in the 4th quarter. Renaissance Technologies LLC now owns 140,400 shares of the company's stock valued at $6,620,000 after purchasing an additional 30,400 shares during the last quarter. Finally, Citigroup Inc. acquired a new stake in I-Mab during the fourth quarter worth approximately $990,000. Hedge funds and other institutional investors own 32.16% of the company's stock.
I-Mab Company Profile
I-Mab, a clinical stage biopharmaceutical company, discovers, develops, and commercializes biologics to treat cancer and autoimmune disorders. It is developing Felzartamab, a CD38 antibody that is in Phase III clinical trials to treat multiple myeloma and autoimmune diseases; Eftansomatropin alfa, a long-acting human growth hormone, which has completed Phase 3 clinical trials to treat pediatric growth hormone deficiency; Lemzoparlimab, a CD47 monoclonal antibody that has completed Phase 1a clinical trials with RBC-sparing differentiation; and Olamkicept, an IL-6 blocker that has completed Phase 2 clinical trials for the treatment of ulcerative colitis and autoimmune.
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