5 Stocks to Buy According to Neil Shahrestani’s Ikarian Capital

4. I-Mab (NASDAQ: IMAB)

Shahrestani’s Stake Value: $12,117,000
Percentage of Neil Shahrestani’s 13F Portfolio: 0.41%
Number of Hedge Fund Holders: 20

I-Mab (NASDAQ: IMAB), a clinical biopharmaceutical company, discovers, develops, and commercializes biological products for treating cancer and autoimmune disorders. It was founded in 2014 and ranks fourth on the list of 10 best stocks to buy according to Neil Shahrestani’s Ikarian Capital. In addition, shares of the company rallied 156.58% in the last 12 months, resulting in a $5.87 billion market capitalization.

On July 30, I-Mab (NASDAQ: IMAB) announced that the U.S. FDA approved the Experimental New Drug Submission for protollin, an experimental drug to cure Alzheimer’s disease, enabling a phase 1 clinical initiation trial. On July 13, Cantor Fitzgerald analyst Louise Chen raised the price target on I-Mab to $95 from $90 and maintained an “Overweight” rating on the shares. On July 9, I-Mab (NASDAQ: IMAB) announced two new collaborations with developing biotechnology companies, Immorna and neoX Biotech, in China to bolster its pipeline. The organization will work with neoX Biotech for up to 10 novel biologics programs utilizing neoX’s restrictive man-made brainpower calculation.

Ikarian Capital increased stake in I-Mab (NASDAQ: IMAB) by 67% in the first quarter, ending the period with 250,000 shares, worth $12.12 million. Hedge fund sentiment increased for I-Mab in the first quarter of 2021. Insider Monkey’s data shows that 20 elite hedge funds held stakes in I-Mab (NASDAQ: IMAB) in the first quarter of 2021, up from 14 funds a quarter earlier.