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) shares shot up 6.9% during mid-day trading on Friday . The company traded as high as $6.34 and last traded at $6.31. 179,251 shares changed hands during trading, a decline of 77% from the average session volume of 765,055 shares. The stock had previously closed at $5.90.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on IMTX. Wall Street Zen downgraded Immatics from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. Deutsche Bank Aktiengesellschaft assumed coverage on Immatics in a report on Wednesday, May 28th. They set a "buy" rating and a $10.00 price objective on the stock. One research analyst has rated the stock with a sell rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $14.67.

Immatics Trading Up 8.0%

The company has a market capitalization of $774.40 million, a PE ratio of -9.74 and a beta of 0.93. The stock has a fifty day moving average of $6.03 and a two-hundred day moving average of $5.19.

Immatics (NASDAQ:IMTX - Get Free Report) last announced its quarterly earnings results on Wednesday, August 13th. The company reported ($0.66) EPS for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.28). The company had revenue of $6.48 million during the quarter, compared to analysts' expectations of $13.05 million. Immatics had a negative return on equity of 15.54% and a negative net margin of 59.29%. Equities analysts forecast that Immatics N.V. will post -0.72 EPS for the current year.

Hedge Funds Weigh In On Immatics

Large investors have recently bought and sold shares of the stock. Suvretta Capital Management LLC purchased a new position in Immatics in the 4th quarter worth approximately $36,014,000. Guggenheim Capital LLC bought a new stake in shares of Immatics in the 4th quarter worth approximately $101,000. Northern Trust Corp grew its position 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 during the last quarter. Millennium Management LLC grew its position in shares of Immatics by 379.2% in the 4th quarter. Millennium Management LLC now owns 156,686 shares of the company's stock worth $1,114,000 after buying an additional 123,986 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of Immatics in the 4th quarter worth approximately $409,000. 64.41% of the stock is owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.