Principal Financial Group Inc. Decreases Stock Position in I-Mab (NASDAQ:IMAB)

Principal Financial Group Inc. lessened its stake in I-Mab (NASDAQ:IMAB – Get Rating) by 22.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 662,534 shares of the company’s stock after selling 186,423 shares during the quarter. Principal Financial Group Inc. owned about 0.83% of I-Mab worth $31,397,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in IMAB. Morgan Stanley raised its position in shares of I-Mab by 203.7% in the 3rd quarter. Morgan Stanley now owns 1,433,812 shares of the company’s stock valued at $103,937,000 after purchasing an additional 961,765 shares in the last quarter. E Fund Management Co. Ltd. acquired a new position in shares of I-Mab in the 3rd quarter valued at approximately $24,911,000. National Bank of Canada FI acquired a new position in shares of I-Mab in the 4th quarter valued at approximately $13,710,000. Caas Capital Management LP acquired a new position in shares of I-Mab in the 3rd quarter valued at approximately $18,371,000. Finally, Bank of America Corp DE raised its position in shares of I-Mab by 39.9% in the 4th quarter. Bank of America Corp DE now owns 767,233 shares of the company’s stock valued at $36,359,000 after purchasing an additional 218,768 shares in the last quarter. Hedge funds and other institutional investors own 96.17% of the company’s stock.

IMAB stock opened at $12.00 on Friday. I-Mab has a 12-month low of $10.14 and a 12-month high of $85.40. The stock’s 50 day simple moving average is $15.23 and its 200 day simple moving average is $33.42.

A number of brokerages have issued reports on IMAB. Zacks Investment Research lowered I-Mab from a “hold” rating to a “sell” rating in a research report on Wednesday, May 4th. Piper Sandler dropped their price target on I-Mab from $90.00 to $80.00 in a research report on Tuesday, March 29th. Finally, HC Wainwright dropped their price target on I-Mab from $95.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, March 30th. One equities research analyst has rated the stock with a sell rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, I-Mab presently has an average rating of “Buy” and a consensus price target of $84.43.

I-Mab Company Profile (Get Rating)

I-Mab, a clinical stage biopharmaceutical company, discovers, develops, and commercializes biologics to treat cancer and autoimmune disorders. It is developing Felzartamab, a CD38 antibody that is in Phase III clinical trials to treat multiple myeloma and autoimmune diseases; Eftansomatropin alfa, a long-acting human growth hormone, which has completed Phase 3 clinical trials to treat pediatric growth hormone deficiency; Lemzoparlimab, a CD47 monoclonal antibody that has completed Phase 1a clinical trials with RBC-sparing differentiation; and Olamkicept, an IL-6 blocker that has completed Phase 2 clinical trials for the treatment of ulcerative colitis and autoimmune.

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