Shares of the U.S.-listed Chinese immuno-oncology company I-Mab IMAB offer strong upside potential, according to a Needham analyst.
The I-Mab Analyst: Chad Messer initiated coverage of I-Mab shares with a Buy rating and $75 price target.
The I-Mab Takeaways: I-Mab has an extensive pipeline of innovative assets, including several assets in clinical trials in the U.S. as well as in China, Messer said in a Monday note.
The company has struck four out-licensing partnerships worth up to $3 billion, the analyst said.
I-Mab has also expanded its Chinese business by in-licensing Chinese rights to late-stage assets from biopharma companies such as Ferring, MorphoSys AG MOR and MacroGenics, Inc. MGNX, he said.
I-Mab's lead asset lemzoparlimab, which targets CD47, differentiates itself from other CD47 antibodies by having minimal interaction with RBCs, Messer said.
It is being evaluated in Phase 1 studies as a single agent as well as combo therapy option, the analyst said.
I-Mab's in-licensed asset Felzartamab could mark I-Mab's entry into commercialization in China as early as this year, he said.
"We believe its deep pipeline of proprietary IO assets will allow I-Mab to capitalize on an important, growing sector of oncology."
The company's unique go-to-market strategy in China will likely turn it into a fully integrated Chinese pharmaceutical company with global development expertise, in Needham's view.
IMAB Price Action: At last check, the stock was adding 0.44% to $55.25.
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