Chinese Biotech I-Mab Plans to Repurchase Stocks of USD 20 Mn
The Nasdaq-listed Chinese clinical-stage biopharmaceutical is taking action in response to the market undervaluation.
I-Mab (IMAB:Nasdaq) authorized a stock repurchase program, planning to buy back ordinary shares, or ADS (American depositary shares), of up to USD 20 million.
Dr. Jingwu Zang, M.D., Ph.D., founder of I-Mab, comments that “this program underscores our full confidence in the potential of I-Mab’s highly differentiated, globally competitive pipeline”.
The biotechnology’s share price has increased to USD 32.71, from USD 12.5, since the IPO in January 2020, given at a P/E ratio of -18.3x – it is negative because I-Mab has not turned a profit yet. Beigene (BGNE:Nasdaq) and Burning Rock (BNR:Nasdaq), the other two Chinese concept biotech companies have a P/E ratio of -14.7x and -23.7 each as of July 15 (US time).