I-Mab stock price target raised to $10 by Jefferies on rebranding, new asset

Investing.com - Jefferies raised its price target on I-Mab (NASDAQ:IMAB) to $10.00 from $5.00 on Friday, maintaining a Buy rating following the company’s announcement of significant strategic changes. The stock, which has surged over 670% year-to-date and is trading near its 52-week high of $6.79, has shown remarkable momentum. According to InvestingPro data, the company maintains an excellent financial health score, with multiple positive indicators available to subscribers.

I-Mab plans to rebrand as NovaBridge Biosciences and pursue a dual listing with a Hong Kong IPO while maintaining its NASDAQ presence, according to Jefferies.

The biotechnology company is also acquiring a new anti-VEGF asset for wet age-related macular degeneration (wAMD) and diabetic macular edema (DME), expanding its therapeutic pipeline.

Jefferies notes that I-Mab intends to leverage its research and development capabilities, balance sheet, and China network to accelerate value creation through increased licensing activities between China and the United States.

The newly acquired VEGF asset is expected to generate Phase 2 data in the fourth quarter and could potentially enter Phase 3 clinical trials in 2026.

In other recent news, I-Mab has made several notable developments regarding its cancer drug, givastomig. The company plans to initiate a Phase 2 study for metastatic gastric cancer in early 2026, building on promising Phase 1b dose escalation data. This comes after the company completed enrollment ahead of schedule for its Phase 1b dose expansion trial, which showed an 83 percent objective response rate when givastomig was combined with nivolumab and mFOLFOX6. Analysts from BTIG and H.C. Wainwright have maintained a Buy rating on I-Mab, highlighting the drug’s potential and strong trial data. Additionally, Brookline Capital Markets increased its price target for I-Mab from $6.00 to $8.00, reflecting optimism based on recent trial results. The company aims to expand givastomig’s application to other cancer types, including biliary tract cancer and pancreatic ductal adenocarcinoma. Investors are keenly watching for the topline data from the ongoing Phase 1b study, expected in early 2026. These developments indicate a focused effort by I-Mab to advance its cancer treatment pipeline.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.