Wall Street Zen Upgrades I-Mab (NASDAQ:IMAB) to “Buy”

I-Mab (NASDAQ:IMAB) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday.

Other equities research analysts have also recently issued reports about the stock. Loop Capital set a $8.00 target price on shares of I-Mab in a research report on Thursday, August 28th. New Street Research set a $7.00 target price on shares of I-Mab in a research report on Wednesday, September 10th. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of I-Mab in a research report on Thursday, August 21st. BTIG Research began coverage on shares of I-Mab in a research report on Tuesday, September 9th. They issued a “buy” rating and a $7.00 target price on the stock. Finally, Brookline Capital Management reissued a “buy” rating on shares of I-Mab in a research report on Thursday, August 28th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $7.33.

I-Mab Stock Down 1.6%

I-Mab stock opened at $4.77 on Friday. I-Mab has a 12-month low of $0.60 and a 12-month high of $5.90. The firm’s 50-day moving average is $4.16 and its two-hundred day moving average is $2.45.

I-Mab (NASDAQ:IMAB) last released its earnings results on Wednesday, August 20th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.03. On average, research analysts anticipate that I-Mab will post -0.56 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of IMAB. Stonepine Capital Management LLC acquired a new position in I-Mab during the first quarter valued at approximately $398,000. Millennium Management LLC lifted its position in I-Mab by 763.1% during the fourth 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 in the last quarter. Ground Swell Capital LLC acquired a new position in shares of I-Mab during the first quarter worth $53,000. SG Americas Securities LLC lifted its position in shares of I-Mab by 6.6% during the second quarter. SG Americas Securities LLC now owns 876,353 shares of the company’s stock worth $2,121,000 after purchasing an additional 54,312 shares in the last quarter. Finally, HBK Sorce Advisory LLC acquired a new position in shares of I-Mab during the first quarter worth $38,000. 38.38% of the stock is owned by institutional investors and hedge funds.

About I-Mab

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.