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I-MAB ADR - Stock Quote IMAB

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Morningstar's I-MAB ADR Stock Analysis

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ASCO Data for I-Mab’s CD73 in Line, Market Selloff Unwarranted; Shares Deeply Undervalued

Jay Lee Senior Equity Analyst

Analyst Note

| Jay Lee |

On May 27, I-Mab disclosed data submitted to the 2022 American Society of Clinical Oncology conference for its Phase 2 dose escalation and expansion trial in China of uliledlimab (CD73) combined with PD-1 treatment. The data was in line with our expectations as well as the U.S. Phase 1 data disclosed last year at the 2021 ASCO conference. It is consistent with our view that the modest efficacy of CD73 inhibition is potentially sufficient for commercial success, provided that future Phase 3 data replicates the results in AstraZeneca’s Phase 2 COAST trial. We are encouraged by I-Mab’s progress on collecting data to support its differentiated strategy of using CD73 expression levels to target patients more effectively. Our fair value estimate remains $60.00 per share. We view I-Mab as deeply undervalued.

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I-MAB ADR's Company Profile

Business Description

I-Mab Biopharma is a clinical-stage biotech company in China that listed on Nasdaq in January 2020. Its first commercial drug will be felzartamab for the China market, a CD38 inhibitor for multiple myeloma, which we estimate will be launched in late 2023 or ealry 2024. Core assets include lemzoparlimab, a potential best-in-class CD47 inhibitor; uliledlimab, a potential best-in-class CD73 inhibitor; and eftansomatropin, a long-acting growth hormone that has a large market in China among pediatric patients with short stature.

555 West Haiyang Road, 55th - 56th Floor, New Bund Center
Shanghai, 200124, China, People's Republic of
T +86 2160578000
Sector Healthcare
Industry Biotechnology
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2022
Stock Type
Employees 378

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