I-Mab (NASDAQ:IMAB) Short Interest Update

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

Hedge Funds Weigh In On I-Mab

A number of large investors have recently bought and sold shares of IMAB. abrdn plc bought a new position in I-Mab in the fourth quarter worth about $309,000. Acadian Asset Management LLC acquired a new stake in shares of I-Mab in the third quarter valued at approximately $168,000. Donald L. Hagan LLC bought a new stake in shares of I-Mab during the fourth quarter valued at approximately $57,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of I-Mab during the third quarter valued at approximately $31,000. Institutional investors own 38.38% of the company’s stock.

I-Mab Stock Performance

NASDAQ IMAB traded down $0.05 during trading hours on Wednesday, reaching $1.53. The company’s stock had a trading volume of 109,356 shares, compared to its average volume of 364,995. The business has a 50-day simple moving average of $1.77 and a 200 day simple moving average of $1.80. I-Mab has a 52 week low of $1.16 and a 52 week high of $3.17.

Analyst Upgrades and Downgrades

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

I-Mab Company Profile

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.