Immatics (NASDAQ:IMTX) Trading Down 7.8% - Here's What Happened

Key Points

• Immatics' stock (NASDAQ:IMTX) fell by 7.8% to $5.73, trading volume decreased significantly to 255,516 shares compared to an average of 766,688 shares.
• Analysts have downgraded Immatics from a "hold" rating to a "strong sell," while one research firm has set a target price of $10.00 following a newly initiated coverage.
• The company reported a quarterly earnings loss of ($0.66) EPS, missing estimates, and analysts predict it will post -0.72 EPS for the current fiscal year.

Immatics N.V. (NASDAQ:IMTX - Get Free Report) fell 7.8% during trading on Tuesday . The stock traded as low as $5.77 and last traded at $5.73. 255,516 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 766,688 shares. The stock had previously closed at $6.21.

Analysts Set New Price Targets

Several research firms have commented on IMTX. Deutsche Bank Aktiengesellschaft began coverage on shares of Immatics in a research report on Wednesday, May 28th. They issued a "buy" rating and a $10.00 target price for the company. Zacks Research cut shares of Immatics from a "hold" rating to a "strong sell" rating in a research report on Friday, August 15th. Finally, Wall Street Zen cut shares of Immatics from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $14.67.

Immatics Price Performance

The company has a fifty day moving average price of $6.00 and a two-hundred day moving average price of $5.21. The firm has a market cap of $691.62 million, a price-to-earnings ratio of -8.75 and a beta of 0.93.

Immatics (NASDAQ:IMTX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 13th. The company reported ($0.66) EPS for the quarter, missing the consensus estimate 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 business had revenue of $6.48 million during the quarter, compared to the consensus estimate of $13.05 million. On average, research analysts expect that Immatics N.V. will post -0.72 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. grew its position in Immatics by 38.4% in the first quarter. T. Rowe Price Investment Management Inc. now owns 14,677,003 shares of the company's stock worth $66,194,000 after buying an additional 4,072,226 shares during the last quarter. Wellington Management Group LLP grew its position in Immatics by 7.6% in the fourth quarter. Wellington Management Group LLP now owns 10,417,892 shares of the company's stock worth $74,071,000 after buying an additional 736,709 shares during the last quarter. Baker BROS. Advisors LP grew its position in Immatics by 12.9% in the fourth quarter. Baker BROS. Advisors LP now owns 7,275,830 shares of the company's stock worth $51,731,000 after buying an additional 832,432 shares during the last quarter. Vestal Point Capital LP grew its position in Immatics by 14.6% in the first quarter. Vestal Point Capital LP now owns 7,192,700 shares of the company's stock worth $32,439,000 after buying an additional 917,700 shares during the last quarter. Finally, Paradigm Biocapital Advisors LP grew its position in Immatics by 38.7% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 5,414,409 shares of the company's stock worth $38,496,000 after buying an additional 1,509,547 shares during the last quarter. Institutional investors and hedge funds 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.