Immatics (NASDAQ:IMTX) Trading Down 8% – Here’s What Happened

Immatics N.V. (NASDAQ:IMTX) shares fell 8% during mid-day trading on Thursday . The stock traded as low as $8.56 and last traded at $8.5090. 169,925 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 456,490 shares. The stock had previously closed at $9.25.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on IMTX. TD Cowen initiated coverage on shares of Immatics in a research report on Tuesday, April 28th. They set a “buy” rating for the company. Chardan Capital reaffirmed a “buy” rating and set a $25.00 price objective on shares of Immatics in a research report on Tuesday, May 19th. Wall Street Zen downgraded shares of Immatics from a “hold” rating to a “sell” rating in a report on Saturday, May 2nd. Finally, Weiss Ratings lowered Immatics from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, June 23rd. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Immatics presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.80.

Immatics Stock Performance

The company has a 50 day moving average of $9.49 and a 200 day moving average of $10.06. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of -4.67 and a beta of 1.33.

Immatics (NASDAQ:IMTX) last posted its quarterly earnings results on Tuesday, August 18th. The company reported ($0.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.06). Immatics had a negative net margin of 495.71% and a negative return on equity of 46.09%. The business had revenue of $10.44 million during the quarter, compared to analyst estimates of $12.42 million. As a group, research analysts expect that Immatics N.V. will post -1.67 EPS for the current fiscal year.

Hedge Funds Weigh In On Immatics

A number of hedge funds have recently modified their holdings of the business. Bank of America Corp DE increased its holdings in shares of Immatics by 166.0% in the 4th quarter. Bank of America Corp DE now owns 3,575 shares of the company’s stock valued at $25,000 after acquiring an additional 2,231 shares during the period. Quarry LP purchased a new stake in shares of Immatics in the fourth quarter valued at about $84,000. Fox Run Management L.L.C. acquired a new stake in shares of Immatics during the fourth quarter worth about $129,000. Graham Capital Management L.P. acquired a new stake in shares of Immatics during the fourth quarter worth about $206,000. Finally, Engineers Gate Manager LP purchased a new position in shares of Immatics during the second quarter worth about $124,000. 64.41% of the stock is currently owned by hedge funds and other institutional investors.

Immatics Company Profile

Immatics N.V. (NASDAQ: IMTX) is a clinical-stage biotechnology company dedicated to the development of T cell receptor (TCR)-based immunotherapies for solid tumors. The company leverages its proprietary discovery and engineering platforms to identify tumor-specific peptide targets and develop therapies that harness the power of a patient’s immune system. Immatics’ approach aims to generate durable responses by guiding T cells to recognize and kill cancer cells with high precision.

At the core of Immatics’ technology suite is the XPRESIDENT® platform, which mines the cancer peptidome to uncover novel tumor antigens naturally presented on the surface of cancer cells.