I-Mab (NASDAQ:IMAB) Cut to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of I-Mab (NASDAQ:IMAB) from a buy rating to a hold rating in a research note published on Wednesday morning, Zacks.com reports.

According to Zacks, “I-Mab is a clinical stage biopharmaceutical company. It engages in discovery, development and commercialization of biologics to treat diseases with significant unmet medical needs, particularly cancers and autoimmune disorders. I-Mab is based in SHANGHAI, China. “

Several other equities research analysts also recently commented on the stock. Needham & Company LLC lifted their price objective on shares of I-Mab from $83.00 to $85.00 and gave the stock a buy rating in a research note on Monday, November 1st. Siebert Williams Shank assumed coverage on shares of I-Mab in a research report on Thursday, December 9th. They set a buy rating and a $96.00 target price for the company. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, I-Mab has a consensus rating of Buy and a consensus target price of $85.85.

NASDAQ:IMAB opened at $35.06 on Wednesday. I-Mab has a 12 month low of $33.44 and a 12 month high of $85.40. The firm has a fifty day simple moving average of $52.46 and a 200-day simple moving average of $64.58.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its holdings in I-Mab by 1,020.7% in the second quarter. BlackRock Inc. now owns 1,791,872 shares of the company’s stock valued at $150,428,000 after buying an additional 1,631,988 shares in the last quarter. Morgan Stanley increased its holdings in I-Mab by 203.7% in the third quarter. Morgan Stanley now owns 1,433,812 shares of the company’s stock valued at $103,937,000 after buying an additional 961,765 shares in the last quarter. Zeal Asset Management Ltd increased its holdings in I-Mab by 72.2% in the third quarter. Zeal Asset Management Ltd now owns 1,701,265 shares of the company’s stock valued at $125,009,000 after buying an additional 713,414 shares in the last quarter. Principal Financial Group Inc. increased its holdings in I-Mab by 166.3% in the second quarter. Principal Financial Group Inc. now owns 764,363 shares of the company’s stock valued at $64,168,000 after buying an additional 477,321 shares in the last quarter. Finally, State Street Corp increased its holdings in I-Mab by 2,415.1% in the second quarter. State Street Corp now owns 442,325 shares of the company’s stock valued at $37,133,000 after buying an additional 424,738 shares in the last quarter. Institutional investors own 45.89% of the company’s stock.

About I-Mab

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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