I-Mab (NASDAQ:IMAB) saw a significant growth in short interest in March. As of March 31st, there was short interest totalling 1,030,000 shares, a growth of 46.3% from the March 15th total of 704,000 shares. Based on an average daily volume of 354,200 shares, the short-interest ratio is presently 2.9 days.
IMAB stock traded down $0.14 during midday trading on Friday, reaching $57.00. The company's stock had a trading volume of 269,650 shares, compared to its average volume of 359,417. The stock has a fifty day simple moving average of $52.35 and a two-hundred day simple moving average of $47.01. I-Mab has a 1 year low of $13.09 and a 1 year high of $65.94. The firm has a market capitalization of $4.10 billion and a price-to-earnings ratio of -1.97.
Several institutional investors have recently made changes to their positions in the company. ETF Managers Group LLC increased its stake in shares of I-Mab by 5.8% during the fourth quarter. ETF Managers Group LLC now owns 34,289 shares of the company's stock valued at $1,454,000 after buying an additional 1,882 shares during the period. BlackRock Inc. purchased a new position in I-Mab in the third quarter valued at about $98,000. DekaBank Deutsche Girozentrale purchased a new position in I-Mab in the fourth quarter valued at about $195,000. JPMorgan Chase & Co. boosted its holdings in I-Mab by 4,023.1% in the third quarter. JPMorgan Chase & Co. now owns 6,061 shares of the company's stock worth $233,000 after acquiring an additional 5,914 shares in the last quarter. Finally, Virtus ETF Advisers LLC acquired a new stake in I-Mab in the fourth quarter worth about $364,000. Hedge funds and other institutional investors own 16.64% of the company's stock.
Several research firms recently weighed in on IMAB. Zacks Investment Research downgraded I-Mab from a "hold" rating to a "sell" rating in a research report on Thursday, April 1st. HC Wainwright reaffirmed a "buy" rating on shares of I-Mab in a report on Tuesday, March 30th. Piper Sandler initiated coverage on I-Mab in a report on Wednesday, March 3rd. They issued an "overweight" rating and a $75.00 target price on the stock. Finally, Needham & Company LLC initiated coverage on I-Mab in a report on Monday, March 22nd. They issued a "buy" rating and a $75.00 target price on the stock. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. The stock presently has a consensus rating of "Buy" and a consensus price target of $64.20.
I-Mab, a clinical stage biopharmaceutical company, engages in the discovery, development, and commercialization of novel or highly differentiated biologics to treat diseases with unmet medical needs, primarily cancers and autoimmune disorders. It is developing Felzartamab (TJ202), a CD38 antibody that is in Phase III clinical trials to treat multiple myeloma and autoimmune diseases; Eftansomatropin (TJ101), a long-acting human growth hormone that has completed Phase II clinical trials to treat pediatric growth hormone deficiency; and Olamkicept (TJ301), a IL-6 blocker, which is in Phase II clinical trials for the treatment of ulcerative colitis and autoimmune diseases.
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