Immatics (NASDAQ:IMTX) Shares Down 8% - Should You Sell?

Key Points

• Immatics shares fell 8% to about $8.51, below both the 50-day moving average of $9.49 and the 200-day moving average of $10.06, on trading volume well below average.
• Analyst sentiment remains generally positive, with six Buy ratings, one Hold and one Sell, producing a “Moderate Buy” consensus and an average price target of $20.80—despite some recent downgrades.
• The clinical-stage biotech missed quarterly expectations, reporting an EPS loss of $0.53 versus the estimated $0.47 loss and revenue of $10.44 million versus $12.42 million expected; hedge funds and other institutions own 64.41% of the stock.

Immatics N.V. (NASDAQ:IMTX - Get Free Report)'s stock price traded down 8% during trading on Thursday . The stock traded as low as $8.56 and last traded at $8.5090. 169,925 shares traded hands during trading, a decline of 63% from the average daily volume of 456,490 shares. The stock had previously closed at $9.25.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on IMTX. Weiss Ratings lowered Immatics from a "sell (d)" rating to a "sell (d-)" rating in a research note on Tuesday, June 23rd. TD Cowen started coverage on shares of Immatics in a research note on Tuesday, April 28th. They set a "buy" rating on the stock. Chardan Capital reaffirmed a "buy" rating and set a $25.00 target price on shares of Immatics in a report on Tuesday, May 19th. Finally, Wall Street Zen cut shares of Immatics from a "hold" rating to a "sell" rating in a research report on Saturday, May 2nd. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $20.80.

Immatics Price Performance

The stock has a market cap of $1.16 billion, a price-to-earnings ratio of -4.67 and a beta of 1.33. The firm has a fifty day moving average of $9.49 and a 200 day moving average of $10.06.

Immatics (NASDAQ:IMTX - Get Free Report) last issued its earnings results on Tuesday, August 18th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.06). Immatics had a negative net margin of 495.71% and a negative return on equity of 46.09%. The company had revenue of $10.44 million during the quarter, compared to analysts' expectations of $12.42 million. Research analysts anticipate that Immatics N.V. will post -1.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Immatics

Institutional investors have recently bought and sold shares of the company. Bank of America Corp DE increased its holdings 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 buying an additional 2,231 shares during the last quarter. Quarry LP acquired a new position in Immatics in the fourth quarter valued at approximately $84,000. Engineers Gate Manager LP acquired a new position in Immatics in the second quarter valued at approximately $124,000. Fox Run Management L.L.C. purchased a new position in Immatics in the fourth quarter worth approximately $129,000. Finally, Graham Capital Management L.P. purchased a new position in Immatics in the fourth quarter worth approximately $206,000. 64.41% of the stock is owned by hedge funds and other institutional investors.

About Immatics

Immatics N.V. NASDAQ: IMTX is a clinical-stage biotechnology company dedicated to the development of T cell receptor (TCR)-based immunotherapies for solid tumors. The company leverages its proprietary discovery and engineering platforms to identify tumor-specific peptide targets and develop therapies that harness the power of a patient's immune system. Immatics' approach aims to generate durable responses by guiding T cells to recognize and kill cancer cells with high precision.

At the core of Immatics' technology suite is the XPRESIDENT® platform, which mines the cancer peptidome to uncover novel tumor antigens naturally presented on the surface of cancer cells.

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