Stock market today: S&P 500 climbs as health care, tech gain; Nvidia earnings loom
Investing.com - H.C. Wainwright reiterated its buy rating and $7.00 price target on I-Mab (NASDAQ:IMAB), representing significant upside from the current $2.02 share price, following promising Phase 1b data for the company’s cancer treatment. According to InvestingPro analysis, the company appears undervalued despite a strong 129.55% gain over the past six months.
The research firm highlighted givastomig, I-Mab’s Claudin 18.2 x 4-1BB bispecific antibody, which demonstrated a 71% overall response rate across all dose levels and 83% at the doses selected for expansion (8 and 12 mg/kg) in gastric cancer therapy.
H.C. Wainwright noted the responses were rapid, deepened over time, and showed effectiveness across biomarker-defined subgroups, including 100% response rate in patients with CLDN18.2 expression below 75% at expansion doses and strong activity in PD-L1 low tumors.
The disease control rate reached 100%, with approximately 47% of patients remaining on therapy beyond 11 months, indicating a durability signal for the treatment.
Complete data from the study will be presented Wednesday, July 2, at the ESMO GI conference at 16:50 CEST (10:50 am EDT), with H.C. Wainwright describing givastomig as a potential "best-in-class" Claudin-18.2 asset that could become a key value driver for I-Mab.
In other recent news, I-Mab has announced significant developments regarding its gastric cancer drug, Givastomig. The company reported a 71% objective response rate in a Phase 1b study for metastatic gastric cancers, with an 83% response rate at selected doses. The trial’s safety profile was favorable, and no dose-limiting toxicities were observed. Additionally, I-Mab has regained compliance with Nasdaq’s minimum bid price requirement, allowing its shares to continue trading without further compliance concerns. Analyst Chris Liu from Lucid (NASDAQ:LCID) Capital Markets initiated a Buy rating for I-Mab, highlighting the potential of Givastomig to drive significant value, with expected peak sales of $2.6 billion by 2040. H.C. Wainwright also maintained a Buy rating on I-Mab, despite lowering its price target from $8.00 to $7.00, citing the company’s strategic focus on Givastomig. I-Mab’s financial position remains robust, with approximately $168.6 million in cash and equivalents reported in the first quarter of 2025, expected to support operations through 2027. The company has completed its divestiture of China operations, focusing on its U.S. presence and upcoming milestones for Givastomig.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.