Guggenheim Initiates Coverage on Immatics (NASDAQ:IMTX)

Key Points

• Guggenheim has initiated coverage of Immatics (NASDAQ:IMTX) with a buy rating and a price target of $16.00, indicating potential upside of 165.34% from its last close.
• The company's most recent earnings report showed a loss of ($0.66) per share, falling short of estimates and reflecting a negative return on equity of 15.60%.
• Institutional investors hold 64.41% of Immatics stock, with significant recent increases in stakes from firms like T. Rowe Price and Aberdeen Group.

Investment analysts at Guggenheim started coverage on shares of Immatics (NASDAQ:IMTX - Get Free Report) in a research note issued on Thursday, Marketbeat.com reports. The brokerage set a "buy" rating and a $16.00 price target on the stock. Guggenheim's price objective points to a potential upside of 138.81% from the company's current price.

IMTX has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft assumed coverage on Immatics in a report on Wednesday, May 28th. They issued a "buy" rating and a $10.00 price objective on the stock. Zacks Research lowered Immatics from a "hold" rating to a "strong sell" rating in a report on Friday, August 15th. Finally, Wall Street Zen lowered Immatics from a "hold" rating to a "strong sell" rating in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $15.00.

Immatics Trading Up 1.4%

Shares of Immatics stock traded up $0.09 on Thursday, reaching $6.70. 1,371,784 shares of the company were exchanged, compared to its average volume of 842,838. Immatics has a one year low of $3.30 and a one year high of $12.19. The company has a market capitalization of $814.39 million, a price-to-earnings ratio of -10.31 and a beta of 1.02. The company has a 50-day moving average of $6.02 and a 200 day moving average of $5.34.

Immatics (NASDAQ:IMTX - Get Free Report) last announced its quarterly earnings data on Wednesday, August 13th. The company reported ($0.66) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.28). Immatics had a negative return on equity of 15.60% and a negative net margin of 59.29%.The company had revenue of $6.48 million for the quarter, compared to the consensus estimate of $13.05 million. Analysts predict that Immatics will post -0.72 earnings per share for the current year.

Institutional Investors Weigh In On Immatics

Several hedge funds have recently modified their holdings of IMTX. Wasatch Advisors LP boosted its holdings in Immatics by 35.9% in the 2nd quarter. Wasatch Advisors LP now owns 785,154 shares of the company's stock worth $4,224,000 after buying an additional 207,491 shares during the last quarter. Sofinnova Investments Inc. lifted its stake in Immatics by 44.1% in 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. Engineers Gate Manager LP purchased a new position in Immatics in the 2nd quarter worth approximately $124,000. BNP Paribas Financial Markets increased its holdings in Immatics by 105.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 78,123 shares of the company's stock valued at $420,000 after purchasing an additional 40,058 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Immatics by 31.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 198,769 shares of the company's stock valued at $1,069,000 after purchasing an additional 47,590 shares during the last quarter. 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.