Immatics (NASDAQ:IMTX) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Immatics from “hold” to “sell,” although the broader analyst consensus remains “Moderate Buy” with a $19.00 target price.
• Immatics shares opened at $7.20, near their 52-week low of $6.65 and below their 50-day and 200-day moving averages. The company reported a quarterly loss of $0.53 per share, missing estimates, while revenue also fell short of expectations.
• Investor activity was mixed: Perceptive Advisors purchased roughly 863,000 shares, and institutional investors own 64.41% of the company. Immatics continues developing T-cell receptor-based cancer immunotherapies.

Immatics (NASDAQ:IMTX - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Saturday, Wall Street Zen reports.

Several other equities research analysts have also recently weighed in on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Immatics in a research report on Friday, September 18th. Jefferies Financial Group set a $17.00 price target on shares of Immatics in a research note on Tuesday, August 25th. Mizuho set a $21.00 price objective on shares of Immatics in a research report on Thursday. Finally, Stifel Nicolaus began coverage on shares of Immatics in a research report on Tuesday, October 13th. They set a "buy" rating and a $15.00 price objective for the company. Seven analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.00.

Immatics Price Performance

NASDAQ IMTX opened at $7.20 on Friday. Immatics has a 1-year low of $6.65 and a 1-year high of $12.41. The business has a 50 day simple moving average of $8.25 and a two-hundred day simple moving average of $9.58. The stock has a market capitalization of $984.17 million, a PE ratio of -3.87 and a beta of 1.36.

Immatics (NASDAQ:IMTX - Get Free Report) last issued its quarterly earnings data on Tuesday, August 18th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.06). The firm had revenue of $10.44 million for the quarter, compared to analysts' expectations of $12.42 million. Immatics had a negative return on equity of 47.41% and a negative net margin of 495.71%. On average, analysts anticipate that Immatics will post -1.99 EPS for the current fiscal year.

Insider Transactions at Immatics

In related news, Director Perceptive Advisors Llc acquired 863,060 shares of the stock in a transaction dated Wednesday, August 26th. The stock was acquired at an average cost of $8.69 per share, with a total value of $7,499,991.40. Following the purchase, the director directly owned 11,246,516 shares of the company's stock, valued at approximately $97,732,224.04. This trade represents a 8.31% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Immatics

Several large investors have recently modified their holdings of the stock. Doliver Advisors LP purchased a new stake in Immatics during the 3rd quarter valued at $263,000. Tidal Investments LLC boosted its stake in Immatics by 0.7% during the second quarter. Tidal Investments LLC now owns 171,499 shares of the company's stock worth $1,737,000 after buying an additional 1,110 shares during the period. Engineers Gate Manager LP boosted its stake in Immatics by 26.4% during the second quarter. Engineers Gate Manager LP now owns 50,886 shares of the company's stock worth $515,000 after buying an additional 10,638 shares during the period. Wellington Management Group LLP boosted its stake in Immatics by 5.5% during the second quarter. Wellington Management Group LLP now owns 1,647,852 shares of the company's stock worth $16,693,000 after buying an additional 85,960 shares during the period. Finally, Bank of America Corp DE boosted its stake in Immatics by 87.5% during the first quarter. Bank of America Corp DE now owns 25,394 shares of the company's stock worth $250,000 after buying an additional 11,848 shares during the period. Institutional investors own 64.41% of the company's stock.

About Immatics

Immatics N.V. is a biotechnology company developing T cell receptor (TCR)-based immunotherapies for cancer. The company's approach is designed to recognize cancer-associated targets presented on the surface of tumor cells and activate the immune system against malignant tissue.

Its research and development programs include TCR-engineered T cell therapies, TCR bispecific molecules and other cell-based immunotherapies. Immatics has developed technology platforms intended to identify tumor targets and generate therapeutic TCRs, supporting programs for both solid tumors and blood cancers.

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