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Investing.com - H.C. Wainwright has reiterated a Buy rating and $7.00 price target on I-Mab (NASDAQ:IMAB), currently trading at $4.22, following positive updated Phase 1 monotherapy results for its cancer drug givastomig. According to InvestingPro data, analyst targets range from $6 to $10, suggesting significant upside potential.
The clinical data presented at the AACR NCI EORTC Triple Meeting showed an 18 percent objective response rate across a broad dose range in heavily pre-treated gastric cancer patients, with 74 percent having prior PD-1 or PD-L1 exposure.
Durability of response appears promising with two partial responses ongoing at 10 and 33 months, and the drug demonstrated efficacy regardless of Claudin 18.2 expression levels, suggesting broader clinical potential than similar agents requiring high biomarker cutoffs.
The safety profile remained favorable with no dose-limiting toxicities reported, supporting I-Mab’s strategy to advance givastomig into frontline immune chemotherapy combinations, with topline Phase 1b results and global randomized Phase 2 initiation expected in Q1 2026.
H.C. Wainwright noted that while I-Mab recently announced a major transformation including a planned rebrand to NovaBridge Biosciences and a Hong Kong IPO, the company has reaffirmed its commitment to givastomig despite its history of corporate resets and program discontinuations.
In other recent news, I-Mab reported an 18% objective response rate for its bispecific antibody, givastomig, in a Phase 1 trial involving heavily pre-treated metastatic gastric cancer patients. The trial included 45 patients, with a significant portion previously treated with PD-L1 inhibitors. In related developments, I-Mab announced plans to initiate a global randomized Phase 2 study for givastomig in the first quarter of 2026, with topline data from an ongoing Phase 1b study expected early next year. The company is also considering expanding the drug’s development into other cancer types. Meanwhile, BTIG and Jefferies have both raised their price targets for I-Mab, citing strategic transformations and rebranding efforts. BTIG increased its target to $9 and Jefferies to $10, maintaining Buy ratings. I-Mab plans to rebrand as NovaBridge Biosciences and pursue a dual listing with a Hong Kong IPO, pending shareholder approval. Additionally, BTIG initiated coverage on I-Mab with a Buy rating, highlighting the potential of givastomig to redefine gastric cancer treatment.
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