I-Mab (NASDAQ:IMAB) Stock Rating Upgraded by Zacks Investment Research

I-Mab (NASDAQ:IMAB – Get Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research 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 analysts have also recently commented on the company. HC Wainwright reduced their price objective on I-Mab from $95.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, March 30th. Piper Sandler reduced their price objective on I-Mab from $90.00 to $80.00 in a research report on Tuesday, March 29th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $84.43.

Shares of IMAB stock traded up $0.08 during mid-day trading on Wednesday, hitting $10.63. The company’s stock had a trading volume of 756,099 shares, compared to its average volume of 1,114,955. I-Mab has a 52-week low of $9.83 and a 52-week high of $85.40. The business has a 50-day moving average price of $14.34 and a 200 day moving average price of $30.60.

A number of large investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company grew its holdings in I-Mab by 0.3% during the first quarter. The Manufacturers Life Insurance Company now owns 479,503 shares of the company’s stock valued at $7,787,000 after purchasing an additional 1,500 shares during the period. Goldman Sachs Group Inc. grew its holdings in I-Mab by 98.3% during the first quarter. Goldman Sachs Group Inc. now owns 726,692 shares of the company’s stock valued at $11,801,000 after purchasing an additional 360,273 shares during the period. Wellington Management Group LLP bought a new stake in I-Mab during the first quarter valued at about $548,000. State Street Corp grew its holdings in I-Mab by 20.5% during the first quarter. State Street Corp now owns 751,254 shares of the company’s stock valued at $12,200,000 after purchasing an additional 127,890 shares during the period. Finally, Vident Investment Advisory LLC boosted its stake in shares of I-Mab by 30.0% in the first quarter. Vident Investment Advisory LLC now owns 28,602 shares of the company’s stock worth $464,000 after acquiring an additional 6,608 shares during the period. 96.17% of the stock is owned by institutional investors and hedge funds.

About I-Mab (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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