Wall Street Zen Downgrades Immunome (NASDAQ:IMNM) to Strong Sell

Key Points

• Wall Street Zen downgraded Immunome to “strong sell”, contrasting with the broader analyst consensus of “Moderate Buy.” Twelve analysts rate the stock a Buy, one rates it Hold, and one Sell, with an average price target of $34.25.
• Immunome shares opened at $20.90, below their 50-day average of $25.35 and 200-day average of $22.86. The company reported a quarterly loss of $0.65 per share, missing expectations by $0.14.
• Insiders sold 324,460 shares worth approximately $8.2 million over the past 90 days, while institutional investors—including BlackRock and Primecap Management—established significant positions; institutions own 44.58% of the stock.

Immunome (NASDAQ:IMNM - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research note issued to investors on Sunday, Wall Street Zen reports.

IMNM has been the topic of a number of other research reports. Alliance Global Partners assumed coverage on shares of Immunome in a research report on Monday, September 21st. They issued a "buy" rating and a $32.00 price objective on the stock. Truist Financial raised their target price on shares of Immunome from $37.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. Wedbush lifted their price target on shares of Immunome from $31.00 to $35.00 and gave the stock an "outperform" rating in a report on Wednesday, August 12th. Citigroup reaffirmed a "buy" rating on shares of Immunome in a research report on Thursday, July 9th. Finally, Stifel Nicolaus started coverage on Immunome in a report on Wednesday. They set a "hold" rating and a $24.00 price objective for the company. Twelve equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $34.25.

Immunome Price Performance

Shares of NASDAQ IMNM opened at $20.90 on Friday. Immunome has a 1-year low of $11.55 and a 1-year high of $30.06. The business has a fifty day moving average price of $25.35 and a 200 day moving average price of $22.86. The stock has a market capitalization of $2.37 billion, a P/E ratio of -8.26 and a beta of 2.55.

Immunome (NASDAQ:IMNM - Get Free Report) last posted its earnings results on Tuesday, August 11th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.51) by ($0.14). As a group, equities research analysts anticipate that Immunome will post -2.43 earnings per share for the current fiscal year.

Insider Activity

In other Immunome news, Director Isaac Barchas sold 83,094 shares of the business's stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $24.11, for a total transaction of $2,003,396.34. Following the sale, the director owned 125,410 shares of the company's stock, valued at approximately $3,023,635.10. The trade was a 39.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kinney Horn sold 90,616 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $25.09, for a total transaction of $2,273,555.44. Following the sale, the insider directly owned 50,366 shares in the company, valued at approximately $1,263,682.94. This represents a 64.27% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 324,460 shares of company stock worth $8,186,964 over the last 90 days. 7.21% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in shares of Immunome in the 2nd quarter valued at $186,588,000. Primecap Management Co. CA acquired a new stake in Immunome during the 2nd quarter worth about $97,081,000. Sofinnova Investments Inc. lifted its position in Immunome by 271.2% during the 4th quarter. Sofinnova Investments Inc. now owns 1,618,477 shares of the company's stock worth $34,765,000 after acquiring an additional 1,182,426 shares during the period. ExodusPoint Capital Management LP purchased a new stake in Immunome during the 4th quarter valued at about $16,745,000. Finally, Bank of America Corp DE purchased a new stake in Immunome during the 2nd quarter valued at about $13,729,000. Hedge funds and other institutional investors own 44.58% of the company's stock.

About Immunome

Immunome, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing antibody-based therapeutics for cancer and immune-related diseases. The company uses its antibody discovery and development capabilities to identify potentially differentiated treatments designed to address significant unmet medical needs.

Immunome's research activities are centered on building a pipeline of monoclonal antibody programs, including candidates directed at targets relevant to oncology and inflammatory or immune-mediated conditions.

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