I-Mab (NASDAQ:IMAB) Price Target Raised to $6.00 at Needham & Company LLC

Key Points

• Needham & Company LLC has increased its price target for I-Mab's stock from $5.00 to $6.00, indicating a potential upside of 32.74% from the stock's previous close.
• I-Mab's stock received a consensus rating of "Buy" and has a target price averaging $6.50, despite some analysts downgrading it to a "hold."
• Shares of I-Mab have recently risen by 7.4%, with a 12-month high of $5.90 and a low of $0.60.

I-Mab (NASDAQ:IMAB - Free Report) had its price target increased by Needham & Company LLC from $5.00 to $6.00 in a report published on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages have also recently commented on IMAB. Wall Street Zen cut I-Mab from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. HC Wainwright reiterated a "buy" rating and issued a $7.00 price target on shares of I-Mab in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company. According to MarketBeat.com, I-Mab presently has a consensus rating of "Buy" and a consensus target price of $6.50.

I-Mab Stock Up 8.1%

Shares of IMAB traded up $0.38 during trading hours on Wednesday, reaching $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 12 month low of $0.60 and a 12 month high of $5.90. The company'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 announced 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. As a group, sell-side analysts anticipate that I-Mab will post -0.56 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. HBK Sorce Advisory LLC bought a new position in I-Mab during the 1st quarter worth $38,000. Ground Swell Capital LLC bought a new position in I-Mab during the 1st quarter worth $53,000. Millennium Management LLC raised its position in I-Mab by 763.1% during the 4th quarter. Millennium Management LLC now owns 97,749 shares of the company's stock worth $83,000 after purchasing an additional 86,424 shares during the last quarter. BNP Paribas Financial Markets bought a new position in I-Mab during the 4th quarter worth $93,000. Finally, Cantor Fitzgerald L. P. bought a new position in I-Mab during the 4th quarter worth $119,000. 38.38% of the stock is owned by institutional investors.

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.