I-Mab (NASDAQ:IMAB) Short Interest Update

I-Mab (NASDAQ:IMAB) saw a large decline in short interest in June. As of June 15th, there was short interest totalling 1,120,000 shares, a decline of 8.9% from the May 31st total of 1,230,000 shares. Based on an average daily trading volume, of 229,000 shares, the days-to-cover ratio is presently 4.9 days.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on IMAB shares. Needham & Company LLC restated a “buy” rating and issued a $6.00 target price on shares of I-Mab in a research report on Friday, April 12th. HC Wainwright reaffirmed a “buy” rating and set a $8.00 price target (down from $18.00) on shares of I-Mab in a report on Monday, March 18th. Finally, Piper Sandler decreased their price target on shares of I-Mab from $15.00 to $10.00 and set an “overweight” rating on the stock in a report on Monday, March 18th.

I-Mab Trading Down 3.1 %

Shares of I-Mab stock traded down $0.05 during midday trading on Wednesday, hitting $1.53. 109,356 shares of the company traded hands, compared to its average volume of 364,995. The firm’s fifty day moving average price is $1.77 and its 200-day moving average price is $1.80. I-Mab has a 12 month low of $1.16 and a 12 month high of $3.17.

Institutional Investors Weigh In On I-Mab

Several hedge funds and other institutional investors have recently made changes to their positions in IMAB. Acadian Asset Management LLC bought a new stake in I-Mab during the 3rd quarter worth approximately $168,000. abrdn plc bought a new stake in I-Mab during the 4th quarter worth approximately $309,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in I-Mab during the 3rd quarter worth approximately $31,000. Finally, Donald L. Hagan LLC bought a new stake in I-Mab during the 4th quarter worth approximately $57,000. 38.38% of the stock is owned by institutional investors.

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 1b/2a for patients with membranous nephropathy; Eftansomatropin alfa, a long-acting growth hormone, which has completed Phase 3 clinical trials to treat pediatric growth hormone deficiency; Efineptakin alfa, a recombinant human IL-7 that is in Phase 2 for cancer treatment-related lymphopenia and cancer immunotherapy; and Lemzoparlimab, a CD47 monoclonal antibody that has completed Phase 2 clinical trial.