Piper Sandler cuts I-Mab stock target to $10, keeps overweight rating
IMAB
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On Monday, Piper Sandler adjusted its outlook on I-Mab (NASDAQ:IMAB), reducing the biopharmaceutical company’s price target to $10.00 from the previous $15.00, while still maintaining an Overweight rating on the stock. This change follows I-Mab’s announcement of its full-year 2023 financial results and an update on its pipeline of oncology assets.
The firm’s decision comes after I-Mab revealed a strategic transaction to divest its business operations in China. Despite this divestiture, the company has confirmed its continued focus on three leading oncology assets: uliledlimab (anti-CD73 mAb), givastomig (Claudin18.2×4-1BB bispecific), and ragistomig (PD-L1x4-1BB bispecific).
Notably, an Investigational New Drug (IND) application for uliledlimab in combination with chemotherapy and PD-1 inhibitors for first-line treatment of non-small cell lung cancer (NSCLC) is expected in the second half of 2024.
I-Mab is currently enrolling for a combination treatment of givastomig with chemotherapy and PD-1 inhibitors in first-line gastric or gastroesophageal junction (G/GEJ) cancer. Additionally, further data from the Phase I trial of ragistomig in solid tumors is anticipated in the first half of 2024.
Piper Sandler has revised its model to reflect the company’s strategic shift post-China divestiture, now incorporating opportunities for uliledlimab in NSCLC and givastomig in G/GEJ cancer.
The company’s strong cash position, reported to be over $320 million, is expected to support multiple clinical readouts across its development pipeline. Piper Sandler’s revised price target reflects these updates while reaffirming its positive stance on I-Mab’s stock with an Overweight rating.
