Needham & Company LLC Boosts I-Mab (NASDAQ:IMAB) Price Target to $5.00

I-Mab (NASDAQ:IMAB) had its price target raised by research analysts at Needham & Company LLC from $4.00 to $5.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 94.55% from the stock’s current price.

Several other research firms have also issued reports on IMAB. Brookline Capital Management raised shares of I-Mab to a “strong-buy” rating in a research note on Thursday, February 27th. HC Wainwright lowered their target price on shares of I-Mab from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, April 4th.

I-Mab Price Performance

IMAB stock opened at $2.57 on Friday. The company’s 50-day simple moving average is $1.50 and its 200-day simple moving average is $1.12. I-Mab has a 52-week low of $0.60 and a 52-week high of $3.08.

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 purchased a new position in I-Mab in the 1st quarter valued at about $398,000. Cantor Fitzgerald L. P. purchased a new position in I-Mab in the 4th quarter valued at about $119,000. BNP Paribas Financial Markets purchased a new position in I-Mab in the 4th quarter valued at about $93,000. Millennium Management LLC lifted its stake in I-Mab by 763.1% in the 4th 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. Finally, Ground Swell Capital LLC purchased a new position in I-Mab in the 1st quarter valued at about $53,000. 38.38% of the stock is owned by hedge funds and other institutional investors.

I-Mab Company Profile

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.