Immatics (NASDAQ:IMTX) Shares Up 6.9% - Here's What Happened

Key Points

• Immatics N.V. shares increased by 6.9% to $6.31, despite a significant drop in trading volume, indicating strong interest from investors.
• Analysts have mixed ratings on the stock, with one downgrade to "strong sell" while others maintain a "buy" rating, setting a price target as high as $14.67.
• The company reported a quarterly loss of ($0.66) EPS, missing expectations, and has a consensus forecast of a -0.72 EPS for the current year.

Immatics N.V. (NASDAQ:IMTX - Get Free Report)'s share price was up 6.9% during mid-day trading on Friday . The company traded as high as $6.34 and last traded at $6.31. Approximately 179,251 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 765,055 shares. The stock had previously closed at $5.90.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on IMTX shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Immatics in a report on Wednesday, May 28th. They issued a "buy" rating and a $10.00 price target on the stock. Zacks Research lowered shares of Immatics from a "hold" rating to a "strong sell" rating in a report on Friday, August 15th. Finally, Wall Street Zen lowered shares of Immatics from a "hold" rating to a "strong sell" rating in a report on Thursday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Immatics currently has an average rating of "Moderate Buy" and an average price target of $14.67.

Immatics Stock Performance

The stock has a market capitalization of $680.68 million, a PE ratio of -8.62 and a beta of 0.93. The company's 50-day moving average price is $6.02 and its 200 day moving average price is $5.21.

Immatics (NASDAQ:IMTX - Get Free Report) last announced its quarterly earnings data on Wednesday, August 13th. The company reported ($0.66) earnings per share 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 during the quarter, compared to analysts' expectations of $13.05 million. Analysts expect that Immatics N.V. will post -0.72 earnings per share for the current year.

Hedge Funds Weigh In On Immatics

A number of institutional investors and hedge funds have recently made changes to their positions in IMTX. Bank of America Corp DE increased its stake in shares of Immatics by 166.0% during the fourth quarter. Bank of America Corp DE now owns 3,575 shares of the company's stock valued at $25,000 after purchasing an additional 2,231 shares in the last quarter. Vontobel Holding Ltd. bought a new position in shares of Immatics during the second quarter valued at approximately $59,000. Virtus ETF Advisers LLC increased its stake in shares of Immatics by 34.8% during the fourth quarter. Virtus ETF Advisers LLC now owns 9,594 shares of the company's stock valued at $68,000 after purchasing an additional 2,479 shares in the last quarter. Intellectus Partners LLC bought a new position in shares of Immatics during the first quarter valued at approximately $70,000. Finally, Guggenheim Capital LLC bought a new position in shares of Immatics during the fourth quarter valued at approximately $101,000. Institutional investors 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.