I-Mab price target lowered to $10 from $15 at Piper Sandler

Piper Sandler lowered the firm’s price target on I-Mab to $10 from $15 and keeps an Overweight rating on the shares following quarterly results and pipeline update. Following the recent announcement of a strategic transaction to divest business operations in China, I-Mab reiterated it near-term strategy around its 3 lead oncology assets – uliledlimab, givastomig and ragistomig. Piper has revamped its model to align with the China divestiture and the current strategic focus, with its model now including opportunities for uliledlimab in NSCLC and givastomig G/GEJ cancer. Cash of $320M-plus provides opportunity for multiple clinical readouts across the pipeline, the firm adds.