I-Mab (NASDAQ:IMAB) Sees Large Drop in Short Interest

I-Mab (NASDAQ:IMAB) saw a significant drop in short interest during the month of March. As of March 31st, there was short interest totalling 329,200 shares, a drop of 64.9% from the March 15th total of 938,400 shares. Based on an average daily volume of 327,200 shares, the days-to-cover ratio is currently 1.0 days. Currently, 0.5% of the company’s shares are short sold.

Hedge Funds Weigh In On I-Mab

Several institutional investors have recently made changes to their positions in IMAB. Garden State Investment Advisory Services LLC acquired a new stake in shares of I-Mab in the third quarter valued at about $179,000. XTX Topco Ltd increased its holdings in I-Mab by 140.8% during the 3rd quarter. XTX Topco Ltd now owns 43,039 shares of the company’s stock worth $53,000 after purchasing an additional 25,163 shares during the period. Millennium Management LLC raised its holdings in shares of 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 purchasing an additional 86,424 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in shares of I-Mab during the 4th quarter worth about $93,000. Finally, Cantor Fitzgerald L. P. purchased a new stake in shares of I-Mab during the 4th quarter worth approximately $119,000. 38.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on IMAB. Needham & Company LLC reissued a “buy” rating and issued a $4.00 target price on shares of I-Mab in a report on Friday, April 4th. Brookline Capital Management raised I-Mab to a “strong-buy” rating in a report on Thursday, February 27th. Finally, HC Wainwright decreased their price target on shares of I-Mab from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Friday, April 4th.

I-Mab Trading Down 7.3 %

NASDAQ:IMAB traded down $0.07 during mid-day trading on Wednesday, hitting $0.84. 137,816 shares of the company’s stock traded hands, compared to its average volume of 312,967. I-Mab has a twelve month low of $0.60 and a twelve month high of $2.00. The company has a fifty day moving average of $0.85 and a 200 day moving average of $1.01.

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.