Zacks Investment Research Downgrades I-Mab (NASDAQ:IMAB) to Sell

I-Mab (NASDAQ:IMABGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday, 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. “

A number of other equities research analysts have also recently commented on IMAB. HC Wainwright lowered their target price on I-Mab from $95.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, March 30th. Piper Sandler lowered their target price on I-Mab from $90.00 to $80.00 in a research note on Tuesday, March 29th. One equities research analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $84.43.

NASDAQ IMAB opened at $13.69 on Wednesday. I-Mab has a one year low of $11.70 and a one year high of $85.40. The business’s fifty day moving average is $17.17 and its 200-day moving average is $36.24.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in I-Mab by 7.0% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 84,883 shares of the company’s stock valued at $1,378,000 after buying an additional 5,578 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in I-Mab by 118.7% during the 1st quarter. Assenagon Asset Management S.A. now owns 747,127 shares of the company’s stock valued at $12,133,000 after buying an additional 405,497 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. grew its holdings in I-Mab by 138.7% during the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 22,666 shares of the company’s stock valued at $318,000 after buying an additional 13,171 shares in the last quarter. Norges Bank purchased a new position in I-Mab during the 4th quarter valued at about $3,943,000. Finally, EDBI Pte Ltd purchased a new position in I-Mab during the 4th quarter valued at about $10,527,000. 96.17% of the stock is owned by institutional investors.

I-Mab Company Profile (Get Rating)

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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