Analyst Gil Blum of Needham maintained a Buy rating on I-MAB (IMAB – Research Report), with a price target of $6.00.
Gil Blum has given his Buy rating due to a combination of factors reflecting a positive outlook for I-MAB. The company’s strategic divestment of its Chinese asset portfolio allows for a more focused approach on the U.S. market, potentially unlocking up to $80 million in milestones. This move is paired with the anticipated initiation of a Phase I study for a promising treatment for non-small cell lung cancer (NSCLC), which is expected to commence in the second half of 2024. Moreover, I-MAB’s robust financial standing, with $322 million in cash reserves, supports its operational and research activities, offering a solid foundation for growth.
Blum’s optimism extends to I-MAB’s pipeline, where interim results from a Phase I study for gastric cancer treatment are expected in the first half of 2024, indicating progress in the company’s research endeavors. Additionally, the anticipation of presenting dose escalation and expansion results for another treatment in refractory or relapsed solid tumors further bolsters the case for a Buy rating. It is worth noting that the company’s operational expenses are projected to significantly decrease following the shedding of development costs in China, enhancing financial efficiency. Although the target price has been adjusted to $6 to reflect minor model changes, the overall investment thesis remains strong, underpinning Blum’s Buy recommendation.
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I-MAB (IMAB) Company Description:
I-Mab is a clinical stage biopharmaceutical company. It engages in discovering, developing and commercialization of differentiated biologics to treat diseases with significant unmet medical needs, particularly cancers and autoimmune disorders. The company was founded by Jingwu Zhang Zang on June 30, 2016 and is headquartered in Pudong, China.
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