Immatics (NASDAQ:IMTX) Shares Gap Down Following Weak Earnings

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 share price gapped down before the market opened 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.

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 business had revenue of $6.48 million for the quarter, compared to analyst estimates of $13.05 million.

Analysts Set New Price Targets

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

Institutional Trading of Immatics

Several hedge funds have recently added to or reduced their stakes in IMTX. Guggenheim Capital LLC bought a new stake in Immatics during the 4th quarter valued at $101,000. Marshall Wace LLP bought a new stake in shares of Immatics in the 4th quarter worth $409,000. T. Rowe Price Investment Management Inc. raised its stake in shares of Immatics by 43.7% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,604,777 shares of the company's stock worth $75,400,000 after buying an additional 3,225,141 shares in the last quarter. Virtus ETF Advisers LLC raised its stake in shares of Immatics by 34.8% in the 4th quarter. Virtus ETF Advisers LLC now owns 9,594 shares of the company's stock worth $68,000 after buying an additional 2,479 shares in the last quarter. Finally, Northern Trust Corp raised 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 worth $336,000 after buying an additional 11,304 shares in the last quarter. Institutional investors own 64.41% of the company's stock.

Immatics Stock Performance

The stock has a 50 day moving average price of $6.03 and a 200 day moving average price of $5.20. The company has a market cap of $754.83 million, a P/E ratio of -9.55 and a beta of 0.93.

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.