Needham & Company LLC Reaffirms Buy Rating for I-Mab (NASDAQ:IMAB)

Key Points

• Needham & Company LLC has reaffirmed a buy rating for I-Mab (NASDAQ:IMAB) with a price target of $6.00, indicating a potential upside of 39.37% from its current price.
• Several other analysts, including HC Wainwright and Loop Capital, also maintain buy ratings for I-Mab, with target prices ranging from $7.00 to $8.00, reflecting positive consensus sentiment.
• I-Mab recently reported earnings of ($0.07) per share, surpassing expectations, and the company has a strong institutional investor presence, with hedge funds owning 38.38% of its shares.

I-Mab (NASDAQ:IMAB - Get Free Report)'s stock had its "buy" rating restated by stock analysts at Needham & Company LLC in a research note issued to investors on Monday,Benzinga reports. They presently have a $6.00 price target on the stock. Needham & Company LLC's price objective points to a potential upside of 39.37% from the company's current price.

Several other equities research analysts have also commented on IMAB. HC Wainwright reissued a "buy" rating and issued a $7.00 price target on shares of I-Mab in a report on Thursday, August 21st. Wall Street Zen upgraded I-Mab from a "hold" rating to a "buy" rating in a report on Saturday, August 23rd. Loop Capital set a $8.00 target price on I-Mab in a report on Thursday, August 28th. Finally, Brookline Capital Management reaffirmed a "buy" rating on shares of I-Mab in a research note on Thursday, August 28th. Three research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $7.00.

I-Mab Stock Performance

Shares of IMAB stock traded down $0.08 during trading hours on Monday, reaching $4.31. The company had a trading volume of 356,361 shares, compared to its average volume of 967,843. The business has a fifty day moving average price of $3.22 and a 200-day moving average price of $1.90. I-Mab has a one year low of $0.60 and a one year high of $5.90.

I-Mab (NASDAQ:IMAB - Get Free Report) last posted its quarterly earnings results on Wednesday, August 20th. The company reported ($0.07) earnings per share for the quarter, topping analysts' consensus estimates of ($0.10) by $0.03. As a group, equities research analysts expect that I-Mab will post -0.56 earnings per share 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 purchased a new position in shares of I-Mab during the first quarter worth about $38,000. Geode Capital Management LLC raised its position 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 purchasing an additional 32,525 shares during the last quarter. Ground Swell Capital LLC purchased a new stake in I-Mab in the 1st quarter worth approximately $53,000. Millennium Management LLC grew its stake in shares of I-Mab by 763.1% during the 4th quarter. Millennium Management LLC now owns 97,749 shares of the company's stock valued at $83,000 after buying an additional 86,424 shares during the period. Finally, BNP Paribas Financial Markets purchased a new stake in I-Mab during the 4th quarter worth $93,000. Hedge funds and other 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.

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