I-Mab (NASDAQ:IMAB) Receives "Buy" Rating from Needham & Company LLC

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.

Needham & Company LLC reissued their buy rating on shares of I-Mab (NASDAQ:IMAB - Free Report) in a research report report published on Monday,Benzinga reports. Needham & Company LLC currently has a $6.00 target price on the stock.

Other equities analysts have also recently issued research reports about the stock. HC Wainwright reissued a "buy" rating and issued a $7.00 price target on shares of I-Mab in a research report on Thursday, August 21st. Loop Capital set a $8.00 price target on shares of I-Mab in a research report on Thursday, August 28th. Brookline Capital Management reissued a "buy" rating on shares of I-Mab in a research report on Thursday, August 28th. Finally, Wall Street Zen raised shares of I-Mab from a "hold" rating to a "buy" rating in a research report on Saturday, August 23rd. Four investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $7.00.

I-Mab Stock Up 4.9%

I-Mab stock traded up $0.19 during trading on Monday, hitting $4.09. The company had a trading volume of 1,375,035 shares, compared to its average volume of 1,921,710. I-Mab has a 1-year low of $0.60 and a 1-year high of $5.90. The company's 50 day simple moving average is $3.41 and its 200-day simple moving average is $2.00.

I-Mab (NASDAQ:IMAB - Get Free Report) last posted its earnings results on Wednesday, August 20th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.03. Research analysts expect that I-Mab will post -0.56 earnings per share for the current year.

Institutional Investors Weigh In On I-Mab

A number of institutional investors and hedge funds have recently bought and sold shares of IMAB. BNP Paribas Financial Markets purchased a new stake in I-Mab in the fourth quarter valued at $93,000. Millennium Management LLC lifted its position in I-Mab by 763.1% in the fourth 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 last quarter. HBK Sorce Advisory LLC purchased a new stake in I-Mab in the first quarter valued at $38,000. Ground Swell Capital LLC purchased a new stake in I-Mab in the first quarter valued at $53,000. Finally, Stonepine Capital Management LLC purchased a new stake in I-Mab in the first quarter valued at $398,000. 38.38% of the stock is owned by hedge funds and other institutional investors.

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.