Immunome (NASDAQ:IMNM) Shares Gap Down Following Weak Earnings

Immunome, Inc. (NASDAQ:IMNM) gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $19.36, but opened at $18.11. Immunome shares last traded at $18.6740, with a volume of 109,835 shares changing hands.

The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.61) by ($0.15).

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on IMNM. Alliance Global Partners began coverage on shares of Immunome in a research report on Monday, September 21st. They issued a “buy” rating and a $32.00 target price on the stock. Piper Sandler lowered their price target on shares of Immunome from $33.00 to $30.00 and set an “overweight” rating for the company in a report on Tuesday. Wall Street Zen cut Immunome from a “sell” rating to a “strong sell” rating in a research note on Sunday, October 4th. Truist Financial raised their price objective on Immunome from $37.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Finally, Wedbush restated an “outperform” rating and set a $35.00 price objective on shares of Immunome in a research report on Tuesday, October 27th. Fourteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.85.

Insider Buying and Selling

In other Immunome news, insider Jack Higgins sold 13,200 shares of the business’s stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $25.32, for a total transaction of $334,224.00. Following the sale, the insider directly owned 65,050 shares of the company’s stock, valued at $1,647,066. The trade was a 16.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Isaac Barchas sold 11,048 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $27.25, for a total transaction of $301,058.00. Following the completion of the transaction, the director owned 92,211 shares of the company’s stock, valued at approximately $2,512,749.75. This trade represents a 10.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 7.21% of the company’s stock.

Institutional Trading of Immunome

A number of institutional investors and hedge funds have recently bought and sold shares of IMNM. Allworth Financial LP acquired a new stake in shares of Immunome in the 2nd quarter valued at about $25,000. Integrated Wealth Concepts LLC bought a new stake in Immunome in the 2nd quarter valued at about $27,000. Assetmark Inc. raised its stake in Immunome by 46.6% during the 1st quarter. Assetmark Inc. now owns 4,535 shares of the company’s stock worth $99,000 after buying an additional 1,442 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Immunome by 0.9% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 188,636 shares of the company’s stock worth $3,997,000 after buying an additional 1,625 shares during the period. Finally, KBC Group NV acquired a new position in Immunome during the 1st quarter worth approximately $60,000. 44.58% of the stock is currently owned by institutional investors and hedge funds.

Immunome Price Performance

The firm has a fifty day simple moving average of $21.33 and a 200-day simple moving average of $22.37. The firm has a market cap of $2.12 billion, a P/E ratio of -7.38 and a beta of 2.68.

About Immunome

Immunome is a biotechnology company focused on discovering and developing therapies for cancer. It uses an antibody-discovery platform to identify targets and develop medicines intended to address areas of significant unmet medical need.

The company’s research and development programs include targeted cancer treatments, such as antibody-based therapies and other drug candidates. Its portfolio has included investigational medicines for solid tumors and other cancers; these products are in development and are not necessarily approved for commercial use.

Immunome became a publicly traded company in 2023 following a merger with Morphimmune and a combination with Ayala Pharmaceuticals.