Immatics (NASDAQ:IMTX) Trading 4.4% Higher - Here's Why

Immatics (NASDAQ:IMTX - Get Free Report) shares traded up 4.4% during mid-day trading on Thursday . The stock traded as high as $6.24 and last traded at $6.22. 295,627 shares were traded during trading, a decline of 55% from the average session volume of 651,305 shares. The stock had previously closed at $5.96.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on IMTX. Cantor Fitzgerald restated an "overweight" rating on shares of Immatics in a research note on Tuesday, April 1st. Deutsche Bank Aktiengesellschaft began coverage on Immatics in a research note on Wednesday, May 28th. They issued a "buy" rating and a $10.00 price objective on the stock. Finally, 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 issued a strong buy rating to the company's stock. According to MarketBeat, Immatics presently has a consensus rating of "Moderate Buy" and a consensus target price of $14.67.

Immatics Stock Down 0.3%

The firm has a 50 day simple moving average of $4.91 and a 200-day simple moving average of $5.44. The stock has a market cap of $743.89 million, a P/E ratio of -9.27 and a beta of 0.83.

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

Institutional Investors Weigh In On Immatics

Several institutional investors and hedge funds have recently added to or reduced their stakes in IMTX. Suvretta Capital Management LLC bought a new stake in Immatics during the fourth quarter worth $36,014,000. T. Rowe Price Investment Management Inc. lifted its stake in Immatics by 38.4% during 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 purchasing an additional 4,072,226 shares during the last quarter. Vestal Point Capital LP lifted its stake in Immatics by 67.3% during the fourth quarter. Vestal Point Capital LP now owns 6,275,000 shares of the company's stock worth $44,615,000 after purchasing an additional 2,525,000 shares during the last quarter. Braidwell LP lifted its stake in Immatics by 112.7% during the fourth quarter. Braidwell LP now owns 3,503,965 shares of the company's stock worth $24,913,000 after purchasing an additional 1,856,400 shares during the last quarter. Finally, Paradigm Biocapital Advisors LP lifted its stake in Immatics by 38.7% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 5,414,409 shares of the company's stock worth $38,496,000 after purchasing an additional 1,509,547 shares during the last quarter. 64.41% of the stock is currently owned by institutional investors.

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.