Immatics (NASDAQ:IMTX) Shares Gap Down After Earnings Miss

Key Points

• Immatics N.V. experienced a significant drop in stock price, opening at $6.00 after reporting weaker than expected quarterly earnings with an EPS of ($0.66), missing the consensus estimate by ($0.28).
• Brokerages have issued mixed ratings on Immatics, with Wall Street Zen downgrading the stock to a "strong sell," while Deutsche Bank set a "buy" rating and a price target of $10.00.
• Institutional investors own 64.41% of Immatics' stock, with notable new acquisitions and increased stakes from various hedge funds in the fourth quarter.

Immatics N.V. (NASDAQ:IMTX - Get Free Report)'s stock price gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $6.42, but opened at $6.00. Immatics shares last traded at $6.43, with a volume of 162,986 shares traded.

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 4.52% and a negative net margin of 14.73%.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Immatics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Suvretta Capital Management LLC acquired a new position in Immatics during the fourth quarter worth $36,014,000. Guggenheim Capital LLC acquired a new position in shares of Immatics in the 4th quarter valued at $101,000. Northern Trust Corp lifted its stake in shares of Immatics by 31.5% in the 4th quarter. Northern Trust Corp now owns 47,226 shares of the company's stock valued at $336,000 after purchasing an additional 11,304 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Immatics by 379.2% in the 4th quarter. Millennium Management LLC now owns 156,686 shares of the company's stock valued at $1,114,000 after purchasing an additional 123,986 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Immatics in the 4th quarter valued at $409,000. Institutional investors and hedge funds own 64.41% of the company's stock.

Immatics Stock Performance

The company has a 50 day moving average price of $6.02 and a 200 day moving average price of $5.18. The firm has a market cap of $778.53 million, a price-to-earnings ratio of -37.84 and a beta of 0.93.

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.

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