I-Mab (IMAB) PT Raised to $90 at Cantor Fitzgerald on Pipeline Enhancements

Cantor Fitzgerald analyst Louise Chen raised the price target on I-Mab (NASDAQ: IMAB) to $90.00 (from $76.00) on pipeline enhancements that fall into three categories:

1) A Uliledlimab/TJD5 partner should be the next big catalyst: IMAB recently reported positive Phase 1 data for Uliledlimab/TJD5 that supports a potential best in class anti CD73.

2) IMAB's sales opportunity in the domestic Chinese market does not get enough attention. China is modernizing its regulatory and drug reimbursement process faster than expected.

3) Early stage pipeline is promising.

No change to the Overweight rating, the analyst stated "The increase in our PT is driven by upwards earnings revisions and multiple expansion. We added sales for Uliledlimab/TJD5, IMAB's anti CD73, and we have increased our exit multiple in our DCF analysis to 32.3x from 30.9x before. IMAB's pipeline of first in class and/or best in class products is still underappreciated, in our view".

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