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

I-Mab (NASDAQ:IMAB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, 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 brokerages have also recently weighed in on IMAB. Needham & Company LLC increased their target price on shares of I-Mab from $83.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, November 1st. HC Wainwright reaffirmed a “buy” rating and issued a $95.00 price objective (up previously from $75.00) on shares of I-Mab in a report on Wednesday, September 1st. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, I-Mab currently has a consensus rating of “Buy” and an average target price of $87.50.

NASDAQ IMAB traded up $0.57 during trading hours on Thursday, reaching $64.91. 357,810 shares of the company traded hands, compared to its average volume of 512,996. I-Mab has a 12 month low of $35.50 and a 12 month high of $85.40. The company has a 50 day moving average of $66.83 and a two-hundred day moving average of $70.62.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. lifted its position in shares of I-Mab by 5.6% in the third quarter. BlackRock Inc. now owns 1,892,598 shares of the company’s stock worth $137,193,000 after purchasing an additional 100,726 shares in the last quarter. Zeal Asset Management Ltd raised its position in shares of 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 purchasing an additional 713,414 shares during the period. Morgan Stanley raised its position in shares of 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 purchasing an additional 961,765 shares during the period. Octagon Capital Advisors LP grew its stake in shares of I-Mab by 77.9% in the second quarter. Octagon Capital Advisors LP now owns 943,156 shares of the company’s stock worth $79,178,000 after acquiring an additional 413,106 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of I-Mab by 11.1% in the third quarter. Principal Financial Group Inc. now owns 848,957 shares of the company’s stock worth $61,541,000 after acquiring an additional 84,594 shares during the last quarter. 60.63% 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 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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