Immatics (NASDAQ:IMTX) Issues Quarterly Earnings Results

Key Points

• Immatics reported a quarterly loss of ($0.66) per share, missing analysts' estimates of ($0.38), and had revenues of $6.48 million, significantly below the expected $13.05 million.
• The company's stock has seen a recent price increase of 7.3%, reaching $6.33 per share amidst mixed analyst ratings, with one downgrade to a "strong sell" and a price target from Deutsche Bank set at $10.00.
• Institutional investors have shown significant activity, with Bank of America increasing its stake by 166.0%, highlighting growing interest from hedge funds in Immatics.

Immatics (NASDAQ:IMTX - Get Free Report) issued its quarterly earnings results on Wednesday, August 13th. The company reported ($0.66) earnings per share for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.28), Zacks reports. Immatics had a negative net margin of 59.29% and a negative return on equity of 15.60%. The company had revenue of $6.48 million during the quarter, compared to the consensus estimate of $13.05 million.

Immatics Stock Performance

Shares of IMTX stock traded up $0.01 during mid-day trading on Wednesday, reaching $5.60. The company's stock had a trading volume of 371,756 shares, compared to its average volume of 599,548. The company has a market cap of $680.68 million, a P/E ratio of -8.62 and a beta of 0.93. The firm's 50-day moving average is $6.02 and its two-hundred day moving average is $5.21. Immatics has a 1-year low of $3.30 and a 1-year high of $13.09.

Institutional Investors Weigh In On Immatics

A number of hedge funds have recently made changes to their positions in IMTX. Sofinnova Investments Inc. increased its position in shares of Immatics by 44.1% during the 2nd quarter. Sofinnova Investments Inc. now owns 2,240,528 shares of the company's stock worth $12,054,000 after purchasing an additional 686,224 shares in the last quarter. Wasatch Advisors LP increased its position in shares of Immatics by 35.9% during the 2nd quarter. Wasatch Advisors LP now owns 785,154 shares of the company's stock worth $4,224,000 after purchasing an additional 207,491 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Immatics by 31.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 198,769 shares of the company's stock worth $1,069,000 after purchasing an additional 47,590 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of Immatics by 105.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 78,123 shares of the company's stock worth $420,000 after purchasing an additional 40,058 shares in the last quarter. Finally, Engineers Gate Manager LP acquired a new stake in shares of Immatics during the 2nd quarter worth about $124,000. Institutional investors and hedge funds own 64.41% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on IMTX. Zacks Research downgraded shares of Immatics from a "hold" rating to a "strong sell" rating in a report on Friday, August 15th. Deutsche Bank Aktiengesellschaft started coverage on shares of Immatics in a research note on Wednesday, May 28th. They issued a "buy" rating and a $10.00 price objective for the company. Finally, Wall Street Zen cut shares of Immatics from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $14.67.

Immatics Company Profile

Immatics N.V., a clinical-stage biopharmaceutical company, focuses on the research and development of potential T cell redirecting immunotherapies for the treatment of cancer in the United States. The company is developing targeted immunotherapies with a focus on treating solid tumors through two distinct treatment modalities, such as TCR-engineered autologous or allogeneic adoptive cell therapies (ACT) and antibody-like TCR Bispecifics.