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) posted its quarterly earnings results on Wednesday. The company reported ($0.66) earnings per share for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.28), Zacks reports. The company had revenue of $6.48 million during the quarter, compared to analyst estimates of $13.05 million. Immatics had a negative return on equity of 15.60% and a negative net margin of 59.29%.

Immatics Trading Up 7.3%

IMTX traded up $0.43 during trading on Friday, reaching $6.33. 462,051 shares of the company traded hands, compared to its average volume of 523,975. The firm has a fifty day simple moving average of $6.03 and a 200 day simple moving average of $5.19. Immatics has a 12-month low of $3.30 and a 12-month high of $13.09.

Wall Street Analyst Weigh In

Several equities analysts have commented on IMTX shares. Wall Street Zen cut Immatics from a "hold" rating to a "strong sell" rating in a report on Thursday, May 22nd. Deutsche Bank Aktiengesellschaft began coverage on Immatics in a research note on Wednesday, May 28th. They issued a "buy" rating and a $10.00 price target on the stock. One analyst has rated the stock with a sell rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Immatics has a consensus rating of "Moderate Buy" and a consensus price target of $14.67.

Hedge Funds Weigh In On Immatics

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE increased its stake in Immatics by 166.0% in the fourth quarter. Bank of America Corp DE now owns 3,575 shares of the company's stock worth $25,000 after purchasing an additional 2,231 shares during the period. Engineers Gate Manager LP purchased a new position in Immatics in the second quarter valued at about $124,000. BNP Paribas Financial Markets grew its position in shares of Immatics by 105.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 78,123 shares of the company's stock worth $420,000 after buying an additional 40,058 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Immatics by 31.5% in the second quarter. JPMorgan Chase & Co. now owns 198,769 shares of the company's stock worth $1,069,000 after acquiring an additional 47,590 shares in the last quarter. Finally, Wasatch Advisors LP lifted its holdings in shares of Immatics by 35.9% during the second 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 during the period. 64.41% of the stock is owned by hedge funds and other institutional investors.

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.

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