Gil Blum, an analyst from Needham, maintained the Buy rating on I-MAB. The associated price target remains the same with $5.00.
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Gil Blum has given his Buy rating due to a combination of factors that highlight I-MAB’s promising developments in their clinical trials. The recent data from the virtual investor event, which featured discussions on givastomig’s performance in frontline HER2-negative gastric cancer patients, showed an impressive objective response rate of 83% at expansion dose levels. This suggests that givastomig could potentially broaden its market reach, especially since it can be effective across a wide range of CLDN18.2 expressions.
Additionally, the progression-free survival data, although still maturing, indicates a promising trend with a six-month progression-free survival rate of approximately 82%. This aligns well with existing treatments and suggests potential for long-term efficacy. Furthermore, givastomig’s safety profile appears favorable, making it a suitable candidate for earlier line use compared to other treatments targeting the same modality. These factors collectively contribute to the positive outlook and justify the Buy rating for I-MAB’s stock.
In another report released on June 26, H.C. Wainwright also maintained a Buy rating on the stock with a $7.00 price target.