Immatics (NASDAQ:IMTX) Stock Price Up 8.8% - Here's What Happened

Key Points

• Immatics (NASDAQ:IMTX) shares increased by 8.8% to last trade at $6.56, with trading volume significantly down to 145,536 shares from an average of 773,455.
• Wall Street analysts have mixed ratings for Immatics, with a consensus rating of "Moderate Buy" and an average price target of $15.00, despite some firms downgrading the stock.
• Immatics reported quarterly earnings showing a loss of ($0.66) per share, missing estimates, with expected consensus for the current fiscal year at -$0.72 EPS.

Immatics N.V. (NASDAQ:IMTX - Get Free Report)'s stock price rose 8.8% during trading on Thursday . The company traded as high as $6.76 and last traded at $6.56. Approximately 145,536 shares changed hands during trading, a decline of 81% from the average daily volume of 773,455 shares. The stock had previously closed at $6.03.

Wall Street Analyst Weigh In

IMTX has been the subject of several analyst reports. Guggenheim started coverage on shares of Immatics in a research note on Thursday. They issued a "buy" rating and a $16.00 price objective for the company. Zacks Research cut Immatics from a "hold" rating to a "strong sell" rating in a research note on Friday, August 15th. Finally, Deutsche Bank Aktiengesellschaft began 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 investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $15.00.

Immatics Price Performance

The firm's 50-day simple moving average is $6.02 and its 200 day simple moving average is $5.34. The firm has a market capitalization of $832.62 million, a price-to-earnings ratio of -10.54 and a beta of 1.02.

Immatics (NASDAQ:IMTX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 13th. The company reported ($0.66) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.38) by ($0.28). Immatics had a negative net margin of 59.29% and a negative return on equity of 15.60%. The business had revenue of $6.48 million during the quarter, compared to the consensus estimate of $13.05 million. As a group, research analysts predict that Immatics N.V. will post -0.72 earnings per share for the current year.

Institutional Investors Weigh In On Immatics

A number of hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE grew its holdings in shares of Immatics by 166.0% during the 4th 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 during the last quarter. Vontobel Holding Ltd. acquired a new stake in Immatics in the second quarter valued at approximately $59,000. Intellectus Partners LLC bought a new stake in shares of Immatics during the first quarter worth $70,000. Exchange Traded Concepts LLC increased its holdings in shares of Immatics by 94.5% during the first quarter. Exchange Traded Concepts LLC now owns 25,580 shares of the company's stock worth $115,000 after buying an additional 12,425 shares in the last quarter. Finally, Engineers Gate Manager LP bought a new position in shares of Immatics in the 2nd quarter valued at $124,000. 64.41% of the stock is currently owned by institutional investors and hedge funds.

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.