This Analyst Cuts I-Mab's Price Target By 43%
I-Mab (NASDAQ: IMAB) reported significant changes to the company's collaboration on developing CD47 targeting agents.
AbbVie Inc (NYSE: ABBV) is discontinuing the development of lemzoparlimab in its territories. The company noted that the discontinuation was not related to safety or efficacy concerns but rather a strategic decision based on the evolving competitive landscape.
Related Content: AbbVie Calls Off Early-Stage Trial For I-Mab's CD47-Targeted Blood Cancer Candidate.
I-Mab will continue developing the drug candidate for the Chinese market, and Needham remains optimistic about the likelihood of lemzoparlimab becoming the first commercial anti-CD47 in China. The modified partnership will focus on novel anti-CD47 antibodies.
In response to these updates, the analysts removed near-term AbbVie royalties on AML/MDS, postponed potential milestone payments, and decreased the pipeline value from $2 billion to $500 million.
Needham maintains the Buy rating but decreased the price target to $41 from $72.
Price Action: IMAB shares are down 15.8% at $6.71 on the last check Wednesday.
Latest Ratings for IMAB
Date | Firm | Action | From | To |
|---|---|---|---|---|
Nov 2021 | Needham | Maintains | Buy | |
Sep 2021 | HC Wainwright & Co. | Maintains | Buy | |
Jun 2021 | Cantor Fitzgerald | Maintains | Overweight |
View More Analyst Ratings for IMAB
View the Latest Analyst Ratings
See more from Benzinga
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
