Bridgewater Associates LP Makes New $2.79 Million Investment in I-Mab (NASDAQ:IMAB)

Bridgewater Associates LP purchased a new position in I-Mab (NASDAQ:IMAB) during the 2nd quarter, HoldingsChannel.com reports. The firm purchased 33,254 shares of the company’s stock, valued at approximately $2,792,000.

A number of other institutional investors have also bought and sold shares of IMAB. Shell Asset Management Co. acquired a new position in I-Mab in the second quarter worth approximately $25,000. Penserra Capital Management LLC grew its position in I-Mab by 72.6% in the second quarter. Penserra Capital Management LLC now owns 725 shares of the company’s stock worth $60,000 after buying an additional 305 shares during the last quarter. Lazard Asset Management LLC acquired a new position in I-Mab in the second quarter worth approximately $128,000. Orion Portfolio Solutions LLC acquired a new position in I-Mab in the second quarter worth approximately $212,000. Finally, American Century Companies Inc. acquired a new position in I-Mab in the second quarter worth approximately $213,000. Hedge funds and other institutional investors own 37.17% of the company’s stock.

I-Mab stock opened at $66.64 on Thursday. I-Mab has a 12 month low of $32.64 and a 12 month high of $85.40. The company’s fifty day simple moving average is $70.29 and its 200-day simple moving average is $68.84. The stock has a market cap of $5.13 billion, a P/E ratio of 62.87 and a beta of 0.74.

Several equities analysts have weighed in on IMAB shares. Zacks Investment Research upgraded shares of I-Mab from a “sell” rating to a “hold” rating in a research report on Wednesday, August 11th. HC Wainwright restated a “buy” rating and set a $95.00 price target (up from $75.00) on shares of I-Mab in a report on Wednesday, September 1st. Cantor Fitzgerald boosted their price target on shares of I-Mab from $90.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday, July 13th. Finally, China Renaissance Securities boosted their price target on shares of I-Mab from $78.91 to $102.98 and gave the company a “buy” rating in a report on Thursday, July 8th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $80.66.

I-Mab 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 III clinical trials to treat multiple myeloma and autoimmune diseases; Eftansomatropin alfa, a long-acting human growth hormone, which has completed Phase 3 clinical trials to treat pediatric growth hormone deficiency; Lemzoparlimab, a CD47 monoclonal antibody that has completed Phase 1a clinical trials with RBC-sparing differentiation; and Olamkicept, an IL-6 blocker that has completed Phase 2 clinical trials for the treatment of ulcerative colitis and autoimmune.

Further Reading: What does a hold rating mean?

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Institutional Ownership by Quarter for I-Mab (NASDAQ:IMAB)

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