I-Mab (IMAB) PT Raised to $76 at Cantor Fitzgerald

February 4, 2021 6:47 AM EST
Get Alerts IMAB Hot Sheet
Price: $55.01 -3.19%

Rating Summary:
    7 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 20 | Down: 24 | New: 32
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Cantor Fitzgerald analyst Louise Chen raised the price target on I-Mab (NASDAQ: IMAB) to $76.00 (from $55.00) while maintaining an Overweight rating.

The analyst commented, "This evening (2/3), we had an opportunity to speak with the executive management team of IMAB (Founder, Honorary Chairman and Director, Dr. Jingwu Zang, M.D., Ph.D., CFO, Jielun Zhu, MBA, CFA, IR, Leah Liu). The takeaways from the call support our positive investment thesis on the stock. We believe 2021 should be a catalyst-rich year for IMAB with many potentially, positive inflection points including: 1) CD73 Phase 1 data for solid tumors, guided for 1H21, 2) a potential partnership for CD73 with large pharma, if the data are good, 3) CD47 data for heme malignancies, guided for 2H21, and, 4) moving TJ210/C5aR, TJCD4B/Claudin 18.2x4-1BB, as well as others, into the clinic. We are increasing our 12-month PT to $76 from $55. The increase in our PT is driven by an increase in our forward EV/EBIT exit multiple assumption in our DCF analysis (to 27.4x from 18.9x). This is higher than the average 2021 EV/EBIT multiple of its peers, which is 13.7x. We think IMAB deserves to trade at a premium to its peers because of its first-in-class/best-in-class pipeline."

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