Why I-Mab (IMAB) Shares Are Falling Today - I-MAB (NASDAQ:IMAB)

I-Mab IMAB reported significant changes to the company's collaboration on developing CD47 targeting agents.
AbbVie Inc ABBV is discontinuing the development of lemzoparlimab in its territories. The company noted that the discontinuation was not related to safety or efficacy concerns but rather a strategic decision based on the evolving competitive landscape.
Related Content: AbbVie Calls Off Early-Stage Trial For I-Mab's CD47-Targeted Blood Cancer Candidate.
I-Mab will continue developing the drug candidate for the Chinese market, and Needham remains optimistic about the likelihood of lemzoparlimab becoming the first commercial anti-CD47 in China. The modified partnership will focus on novel anti-CD47 antibodies.
In response to these updates, the analysts removed near-term AbbVie royalties on AML/MDS, postponed potential milestone payments, and decreased the pipeline value from $2 billion to $500 million.
Needham maintains the Buy rating but decreased the price target to $41 from $72.
Price Action: IMAB shares are down 15.8% at $6.71 on the last check Wednesday.