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Investing.com - BTIG initiated coverage on I-Mab (NASDAQ:IMAB) with a Buy rating and a $7.00 price target, citing the potential of its gastric cancer drug givastomig. The stock, which has surged nearly 400% over the past six months according to InvestingPro data, currently trades within analysts’ target range of $5-$8.
The research firm highlighted givastomig’s potential to redefine first-line gastric cancer treatment, noting its conditional 4-1BB design is 10 times more potent than competitor Zolbetuximab and effective across both CLDN18.2-low and PD-L1-low populations.
Early Phase 1b data presented at ESMO GI demonstrated an 83% objective response rate with early durability and a clean safety profile, validating the drug’s differentiated mechanism according to BTIG.
I-Mab is accelerating development with plans to initiate a global randomized Phase 2 trial with 180 patients and release topline Phase 1b expansion data from 40 patients, both expected in the first quarter of 2026.
Following recent financing, I-Mab has approximately $227 million in cash, which BTIG believes will fund the company through its Phase 2 progression-free survival readout in 2027 and operations into 2028. InvestingPro analysis shows the company maintains a strong financial position with minimal debt and a current ratio of 22.82, earning an overall financial health rating of "GREAT." Get access to 8 more exclusive ProTips and comprehensive analysis with InvestingPro.
In other recent news, I-Mab announced plans to initiate a Phase 2 study for its lead cancer drug, givastomig, targeting metastatic gastric cancer in the first quarter of 2026. The company also completed enrollment ahead of schedule for its Phase 1b dose expansion cohorts, testing givastomig in combination with nivolumab and mFOLFOX6 for Claudin 18.2-positive gastric cancers. Topline results from this trial are anticipated in early 2026. I-Mab further strengthened its drug development by acquiring Bridge Health Biotech Co., Ltd., securing upstream rights to the CLDN18.2 parental antibody, which will reduce future royalty obligations and milestone payments.
Brookline Capital Markets raised its price target on I-Mab to $8.00 from $6.00, maintaining a Buy rating, following promising Phase 1b dose escalation data for givastomig. H.C. Wainwright also reiterated its Buy rating with a $7.00 price target, citing strong trial data showing an 83 percent objective response rate and an 82 percent six-month progression-free survival rate for givastomig in combination therapies. I-Mab plans to expand the drug’s development into other cancer types, including locally advanced gastric cancer, biliary tract cancer, and pancreatic ductal adenocarcinoma. These developments highlight I-Mab’s ongoing efforts to advance its cancer treatment pipeline.
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