I-Mab (NASDAQ:IMAB) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

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 objective increased by Needham & Company LLC from $5.00 to $6.00 in a report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also recently issued reports about the stock. Wall Street Zen cut shares of I-Mab from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. HC Wainwright reaffirmed a "buy" rating and set a $7.00 price target on shares of I-Mab in a report on Thursday, August 21st. One investment analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. According to data from MarketBeat.com, I-Mab currently has an average rating of "Buy" and an average price target of $6.50.

I-Mab Price Performance

I-Mab stock traded up $0.22 during midday trading on Wednesday, hitting $5.04. The company's 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 company has a 50-day moving average price of $2.86 and a two-hundred day moving average price of $1.68.

I-Mab (NASDAQ:IMAB - Get Free Report) last issued its quarterly earnings data on Wednesday, August 20th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.03. Analysts forecast that I-Mab will post -0.56 EPS for the current year.

Hedge Funds Weigh In On I-Mab

Several institutional investors and hedge funds have recently added to or reduced their stakes in IMAB. HBK Sorce Advisory LLC bought a new position in I-Mab in the 1st quarter valued at approximately $38,000. Ground Swell Capital LLC bought a new position in I-Mab in the 1st quarter valued at approximately $53,000. Millennium Management LLC increased its position in 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 acquiring an additional 86,424 shares during the period. BNP Paribas Financial Markets acquired a new position in I-Mab in the 4th quarter valued at approximately $93,000. Finally, Cantor Fitzgerald L. P. acquired a new position in I-Mab in the 4th quarter valued at approximately $119,000. Institutional investors own 38.38% of the company's stock.

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.