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Investing.com - BTIG raised its price target on I-Mab (NASDAQ:IMAB) to $9.00 from $7.00 on Friday, maintaining a Buy rating following the company’s announcement of a major strategic transformation. The stock has shown remarkable momentum, surging over 37% in the past week and maintaining strong liquidity with a current ratio of 22.8.
The biotech firm plans to reposition itself from a single-asset oncology developer into a diversified global biotechnology platform under the new name NovaBridge Biosciences, pending shareholder approval at the October 24th ECM. According to InvestingPro, the company’s financial health score is rated as EXCELLENT, with 12 additional key insights available to subscribers.
The new "hub-and-spoke" model will be supported by CBC Group, Asia’s largest healthcare-dedicated asset management firm with $10.5 billion in assets under management, and led by I-Mab’s chairman Fei Wu.
I-Mab also announced plans for a dual listing on the Hong Kong Stock Exchange and appointed former Sino Biopharm and WuXi Apptec executive Kyler Lei as CFO, moves that BTIG believes will enhance operational focus and access to Asian capital markets.
The company’s pipeline includes Givastomig, which is advancing toward a global Phase 2 trial in the first quarter of 2026, and VIS-101, which is approaching a final Phase 2 readout in the fourth quarter of 2025.
In other recent news, I-Mab has made significant announcements and received notable attention from analysts. The company plans to rebrand as NovaBridge Biosciences and pursue a dual listing with a Hong Kong IPO while maintaining its NASDAQ presence. Jefferies has responded by raising its price target for I-Mab to $10, maintaining a Buy rating. Additionally, BTIG initiated coverage with a Buy rating and a $7 price target, citing the potential of I-Mab’s gastric cancer drug, givastomig, which could redefine first-line treatment for the disease.
I-Mab plans to start a global Phase 2 study for givastomig in metastatic gastric cancer in the first quarter of 2026. The company expects to report topline data from its ongoing Phase 1b study early next year. Brookline Capital Markets also raised its price target to $8, reflecting promising Phase 1b data for givastomig in combination with other treatments. H.C. Wainwright reiterated its Buy rating and $7 price target, highlighting positive trial results with an 83 percent objective response rate for givastomig in combination therapies. These developments underscore I-Mab’s strategic focus on advancing its cancer treatment pipeline.
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