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.
