I-Mab (NASDAQ:IMAB) Stock Price Up 11.2%

I-Mab (NASDAQ:IMAB) shares rose 11.2% on Thursday . The company traded as high as $47.15 and last traded at $47.15. Approximately 335,324 shares traded hands during mid-day trading, an increase of 123% from the average daily volume of 150,636 shares. The stock had previously closed at $42.41.

A number of equities research analysts have recently commented on the stock. HC Wainwright initiated coverage on shares of I-Mab in a report on Monday, December 7th. They set a “buy” rating and a $55.00 price target on the stock. BidaskClub raised shares of I-Mab from a “hold” rating to a “buy” rating in a report on Friday, December 25th. Cantor Fitzgerald boosted their price target on shares of I-Mab from $50.00 to $55.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 8th. Finally, Zacks Investment Research cut shares of I-Mab from a “buy” rating to a “hold” rating in a research note on Tuesday, November 10th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. I-Mab has an average rating of “Buy” and an average price target of $33.84.

The company has a market capitalization of $2.69 billion and a P/E ratio of -1.63. The firm’s fifty day moving average is $39.01 and its 200 day moving average is $35.47.

A number of large investors have recently modified their holdings of IMAB. Sphera Funds Management LTD. bought a new position in shares of I-Mab during the third quarter valued at approximately $8,551,000. Indus Capital Partners LLC purchased a new stake in I-Mab during the third quarter valued at approximately $4,767,000. FMR LLC purchased a new stake in I-Mab during the second quarter valued at approximately $1,574,000. Yong Rong HK Asset Management Ltd purchased a new stake in I-Mab during the third quarter valued at approximately $1,882,000. Finally, Caas Capital Management LP purchased a new stake in I-Mab during the third quarter valued at approximately $1,648,000. Institutional investors own 8.25% of the company’s stock.

About I-Mab (NASDAQ:IMAB)

I-Mab, a clinical stage biopharmaceutical company, engages in the discovery, development, and commercialization of novel or highly differentiated biologics to treat diseases with unmet medical needs, primarily cancers and autoimmune disorders. It is developing Felzartamab (TJ202), a CD38 antibody that is in Phase III clinical trials to treat multiple myeloma and autoimmune diseases; Eftansomatropin (TJ101), a long-acting human growth hormone that has completed Phase II clinical trials to treat pediatric growth hormone deficiency; and Olamkicept (TJ301), a IL-6 blocker, which is in Phase II clinical trials for the treatment of ulcerative colitis and autoimmune diseases.

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