I-Mab initiated with an Outperform at Leerink

Leerink analyst Daina M. Graybosch initiated coverage of I-Mab (IMAB) with an Outperform rating and $9 price target The firm believes I-Mab’s CLDN18.2-directed 4-1BB agonist, givastomig, has a unique value proposition in 1L gastroesophageal adenocarcinomas through its synergistic immune-amplifying activity. Within gastric cancers, Leerink sees givastomig rising above both CLDN18.2-targeted and broader IO competitors, given compelling dose escalation outcomes with the combination of givastomig with nivolumab and chemo that signaled differentiation from other CLDN18.2-targeted therapies – broader CLDN18.2-expression eligibility, differentiated safety, and ease of combination on top of standard-of-care IO backbones.