Immatics (NASDAQ:IMTX) Sees Large Volume Increase - Here's What Happened

Immatics (NASDAQ:IMTX - Get Free Report) saw strong trading volume on Wednesday . 932,570 shares changed hands during mid-day trading, an increase of 44% from the previous session's volume of 647,436 shares.The stock last traded at $6.27 and had previously closed at $5.94.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Cantor Fitzgerald reiterated an "overweight" rating on shares of Immatics in a research report on Tuesday, April 1st. Wall Street Zen downgraded shares of Immatics from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 22nd. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Immatics in a research note on Wednesday, May 28th. They issued a "buy" rating and a $10.00 price target for the company. One research analyst has rated the stock with a sell rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $14.67.

Immatics Stock Down 0.3%

The stock's fifty day moving average price is $4.91 and its 200 day moving average price is $5.44. The stock has a market cap of $743.89 million, a PE ratio of -9.27 and a beta of 0.83.

Immatics (NASDAQ:IMTX - Get Free Report) last issued its earnings results on Tuesday, May 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.39) by $0.04. Immatics had a negative net margin of 47.94% and a negative return on equity of 15.90%. The company had revenue of $20.12 million for the quarter, compared to analysts' expectations of $14.92 million. On average, equities research analysts expect that Immatics will post -0.72 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE boosted its stake in shares of Immatics by 166.0% during the 4th quarter. Bank of America Corp DE now owns 3,575 shares of the company's stock worth $25,000 after acquiring an additional 2,231 shares during the last quarter. Virtus ETF Advisers LLC boosted its stake in shares of Immatics by 34.8% during the 4th quarter. Virtus ETF Advisers LLC now owns 9,594 shares of the company's stock worth $68,000 after acquiring an additional 2,479 shares during the last quarter. Guggenheim Capital LLC purchased a new position in shares of Immatics during the 4th quarter worth $101,000. Intellectus Partners LLC purchased a new position in shares of Immatics during the 1st quarter worth $70,000. Finally, Forefront Analytics LLC boosted its stake in shares of Immatics by 42.3% during the 4th quarter. Forefront Analytics LLC now owns 15,911 shares of the company's stock worth $113,000 after acquiring an additional 4,731 shares during the last quarter. Hedge funds and other institutional investors own 64.41% of the company's stock.

About Immatics

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.