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.