Phoenix Tree’s (NASDAQ:IMAB) quiet period is set to expire on Wednesday, February 26th. Phoenix Tree had issued 7,407,400 shares in its IPO on January 17th. The total size of the offering was $103,703,600 based on an initial share price of $14.00. During Phoenix Tree’s quiet period, underwriters and any insiders that worked on the IPO are restricted from issuing any research reports or earnings estimates for the company because of regulations issued by the Securities and Exchange Commission. Following the expiration of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.
IMAB has been the topic of a number of research reports. China Renaissance Securities initiated coverage on Phoenix Tree in a report on Wednesday, February 12th. They issued a “buy” rating and a $17.93 price objective on the stock. Jefferies Financial Group initiated coverage on Phoenix Tree in a report on Tuesday, February 11th. They issued a “buy” rating and a $16.00 price objective on the stock. Finally, CICC Research initiated coverage on Phoenix Tree in a report on Thursday, February 13th. They issued an “outperform” rating and a $18.09 price objective on the stock.
Shares of NASDAQ IMAB opened at $13.82 on Wednesday. Phoenix Tree has a one year low of $9.30 and a one year high of $15.79.
About Phoenix Tree
I-Mab, a clinical stage biopharmaceutical company, engages in the discovery, development, and commercialization of novel or highly differentiated biologics to treat diseases with unmet medical needs, primarily cancers and autoimmune disorders worldwide. It is developing TJ202, a CD38 antibody in Phase III clinical trials to treat multiple myeloma and autoimmune diseases; TJ101, a long-acting human growth hormone that is in Phase II clinical trials to treat pediatric growth hormone deficiency; and TJ301, a IL-6 blocker in Phase II clinical trials for the treatment of ulcerative colitis and other autoimmune diseases.
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