I-Mab (NASDAQ:IMAB) Short Interest Update

I-Mab (NASDAQ:IMAB) was the recipient of a large drop in short interest in 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 trading volume, of 229,000 shares, the short-interest ratio is currently 4.9 days.

Analyst Ratings Changes

Several analysts have commented on IMAB shares. HC Wainwright restated a “buy” rating and set a $8.00 target price (down from $18.00) on shares of I-Mab in a report on Monday, March 18th. Piper Sandler dropped their target price 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. Finally, Needham & Company LLC restated a “buy” rating and set a $6.00 target price on shares of I-Mab in a report on Friday, April 12th.

I-Mab Price Performance

Shares of IMAB traded down $0.08 during mid-day trading on Wednesday, hitting $1.50. 148,522 shares of the company’s stock were exchanged, compared to its average volume of 365,308. I-Mab has a 52 week low of $1.16 and a 52 week high of $3.17. The company has a 50-day simple moving average of $1.77 and a 200 day simple moving average of $1.80.

Hedge Funds Weigh In On I-Mab

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of I-Mab in the third quarter valued at $31,000. Donald L. Hagan LLC bought a new position in shares of I-Mab in the fourth quarter valued at $57,000. Acadian Asset Management LLC bought a new position in shares of I-Mab in the third quarter valued at $168,000. Finally, abrdn plc bought a new position in shares of I-Mab in the fourth quarter valued at $309,000. 38.38% of the stock is owned by institutional investors.

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.