I-Mab price target lowered to $23 from $24 at Needham

Needham lowered the firm’s price target on I-Mab (IMAB) to $23 from $24 and keeps a Buy rating on the shares after AbbVie (ABBV) discontinued the companies’ CD47 collaboration. The firm is updating its model on the stock, removing future milestones from AbbVie and lowering value attributed to I-Mab’s pipeline, though it also notes that the upfront and milestone payments of about $200M that I-Mab had already received will not be affected, the analyst tells investors in a research note.