24/7 Market News Snapshot 06 January, 2025 – I-MAB American Depositary Shares (NASDAQ:IMAB)
DENVER, Colo., 06 January, 2025 (247marketnews.com) – (NASDAQ:IMAB) are discussed in this article.
I-MAB (NASDAQ:IMAB) has announced a notable surge in its American Depositary Shares (ADS), rising 30.12% today to reach a trading price of $1.223 after opening at $0.99. This increase follows a previous closing of $0.940, indicating a robust investor confidence as reflected in the trading volume of 1.02 million shares. Such movement positions I-MAB as a noteworthy stock in the current market landscape, prompting traders to closely observe its performance for potential bullish trends.
In conjunction with this market activity, I-MAB is moving forward with a strategic re-prioritization in its development pipeline, with particular emphasis on its lead clinical program, givastomig. This bispecific antibody targets cancer cells expressing Claudin 18.2 and is positioned to advance in the treatment of first-line metastatic gastric cancers, as well as other solid tumors. The completion of enrollment in a Phase 1b dose escalation study is a significant milestone, and preliminary data is expected to be released in the early second half of 2025.
Additionally, a 40-patient dose expansion study is underway, specifically focusing on patients with CLDN18.2 expressing tumors, irrespective of PD-L1 expression, with results anticipated in early 2026. Sean Fu, PhD, MBA, CEO and Board Member of I-Mab, emphasized the substantial progress made in executing the corporate strategy during 2024. Early data from ongoing studies shows an overall response rate of 16.3%, coupled with a favorable safety profile, suggesting promising potential for the drug.
With a strong cash balance of $184.4 million as of September 30, 2024, I-MAB is well-equipped to sustain its operations through 2027 as it concentrates resources on advancing givastomig, thereby solidifying its commitment to innovative cancer therapies.
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