INmune Bio Stock Gains on New "Buy" Rating

INMB shorts have covered most of their positions in recent months

by Karee Venema

Published on Aug 21, 2019 at 11:21 AM
Updated on Aug 21, 2019 at 11:26 AM

H.C. Wainwright initiated coverage on INmune Bio Inc (NASDAQ:INMB) with a "buy" rating and an $11.50 price target -- a nearly 94% premium to last night's close. The analyst in coverage expects the California-based biotech's two cancer drugs to launch in 2024, and believes they "have the potential to become a platform therapy."

In reaction, INMB shares up 4.4% at $6.20, climbing back atop their 10-day moving average. The stock opened at $8.44 on Feb. 4 -- its first day of public trading -- above its initial public offering (IPO) price of $8 per share. The equity climbed as high as $11.50 on May 28, but hit a record low of $5.06 last Friday, Aug. 16.

Just one other analyst covers INMB stock, but their outlook is bullish, too. Specifically, they maintain a "buy" rating on the biotech, with a $13 price target.

Short sellers, meanwhile, have been cashing in their chips during the stock's longer-term slide. These bearish bets peaked at 17,766 shares in the May 1 reporting period, but have since dropped 60% to 7,078 shares. It would take shorts less than one day to cover these remaining bets, suggesting there's little sideline cash available to help fuel today's rally.

inmb stock daily price chart on aug 21

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