I-Mab (NASDAQ:IMAB) Shares Up 5.1% – Here’s Why

Shares of I-Mab (NASDAQ:IMAB) traded up 5.1% during trading on Tuesday . The company traded as high as $1.07 and last traded at $1.04. 169,940 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 307,624 shares. The stock had previously closed at $0.99.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on IMAB. HC Wainwright lowered their price objective on I-Mab from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Friday, April 4th. Brookline Capital Management raised I-Mab to a “strong-buy” rating in a research note on Thursday, February 27th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $4.00 price objective on shares of I-Mab in a research note on Friday, April 4th.

I-Mab Stock Up 5.1%

The company has a 50 day moving average price of $0.85 and a 200-day moving average price of $0.93.

Institutional Trading of I-Mab

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. HBK Sorce Advisory LLC acquired a new stake in I-Mab during the 1st quarter valued at approximately $38,000. Ground Swell Capital LLC acquired a new stake in I-Mab during the 1st quarter valued at approximately $53,000. Millennium Management LLC increased its position in I-Mab by 763.1% during the 4th quarter. Millennium Management LLC now owns 97,749 shares of the company’s stock valued at $83,000 after purchasing an additional 86,424 shares during the period. BNP Paribas Financial Markets acquired a new stake in I-Mab during the 4th quarter valued at approximately $93,000. Finally, Cantor Fitzgerald L. P. bought a new position in shares of I-Mab during the 4th quarter worth approximately $119,000. Institutional investors and hedge funds own 38.38% of the company’s stock.

About I-Mab

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.