I-Mab (NASDAQ:IMAB) Trading Down 4.4%

I-Mab (NASDAQ:IMAB)’s stock price dropped 4.4% during trading on Thursday . The stock traded as low as $72.25 and last traded at $73.17. Approximately 3,003 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 526,955 shares. The stock had previously closed at $76.57.

IMAB has been the topic of several research reports. China Renaissance Securities upped their price objective on shares of I-Mab from $78.91 to $102.98 and gave the company a “buy” rating in a report on Thursday, July 8th. Cantor Fitzgerald upped their price objective on shares of I-Mab from $90.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday, July 13th. HC Wainwright reiterated a “buy” rating and issued a $95.00 price objective (up from $75.00) on shares of I-Mab in a report on Wednesday, September 1st. Zacks Investment Research upgraded shares of I-Mab from a “sell” rating to a “hold” rating in a report on Wednesday, August 11th. Finally, Daiwa Capital Markets initiated coverage on shares of I-Mab in a report on Wednesday, June 2nd. They issued a “buy” rating on the stock. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $80.66.

The company’s 50 day moving average is $71.30 and its 200 day moving average is $67.03. The firm has a market capitalization of $5.23 billion, a price-to-earnings ratio of 64.15 and a beta of 0.71.

Hedge funds have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in I-Mab during the first quarter worth about $56,000. BlackRock Inc. lifted its position in I-Mab by 8.8% during the first quarter. BlackRock Inc. now owns 159,884 shares of the company’s stock worth $7,750,000 after purchasing an additional 12,929 shares during the period. Principal Financial Group Inc. bought a new stake in I-Mab during the first quarter worth about $13,913,000. Segantii Capital Management Ltd bought a new stake in I-Mab during the first quarter worth about $9,694,000. Finally, CIF Asset Management Ltd bought a new stake in I-Mab during the first quarter worth about $1,582,000. Institutional investors and hedge funds own 37.17% of the company’s stock.

About I-Mab (NASDAQ:IMAB)

I-Mab, a clinical stage biopharmaceutical company, discovers, develops, and commercializes biologics to treat cancer and autoimmune disorders. It is developing Felzartamab, a CD38 antibody that is in Phase III clinical trials to treat multiple myeloma and autoimmune diseases; Eftansomatropin alfa, a long-acting human growth hormone, which has completed Phase 3 clinical trials to treat pediatric growth hormone deficiency; Lemzoparlimab, a CD47 monoclonal antibody that has completed Phase 1a clinical trials with RBC-sparing differentiation; and Olamkicept, an IL-6 blocker that has completed Phase 2 clinical trials for the treatment of ulcerative colitis and autoimmune.

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