Immatics (NASDAQ:IMTX) Shares Down 4.8% - Here's Why

Key Points

• Immatics N.V. (NASDAQ:IMTX) shares dropped 4.8% to $5.42, with trading volume significantly below the average, indicating decreased investor activity.
• The company reported disappointing earnings last quarter, with an EPS of ($0.66) compared to expectations of ($0.38), along with revenue well below analyst estimates.
• Analysts have mixed ratings for Immatics, with a consensus price target of $14.67, while some have recently downgraded their recommendations to a "strong sell."

Immatics N.V. (NASDAQ:IMTX - Get Free Report)'s share price fell 4.8% on Monday . The company traded as low as $5.50 and last traded at $5.42. 147,386 shares were traded during trading, a decline of 81% from the average session volume of 755,854 shares. The stock had previously closed at $5.69.

Analyst Ratings Changes

A number of brokerages have recently weighed in on IMTX. Zacks Research downgraded shares of Immatics from a "hold" rating to a "strong sell" rating in a report on Friday, August 15th. Wall Street Zen downgraded shares of Immatics from a "hold" rating to a "strong sell" rating in a report on Thursday, May 22nd. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Immatics in a report on Wednesday, May 28th. They set a "buy" rating and a $10.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $14.67.

Immatics Trading Down 3.6%

The company's 50-day simple moving average is $5.94 and its 200-day simple moving average is $5.21. The stock has a market capitalization of $618.69 million, a price-to-earnings ratio of -7.83 and a beta of 0.93.

Immatics (NASDAQ:IMTX - Get Free Report) last announced 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 analyst estimates of $13.05 million. On average, equities research analysts expect that Immatics N.V. will post -0.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Immatics

Several institutional investors and hedge funds have recently added to or reduced their stakes in IMTX. Suvretta Capital Management LLC acquired a new position in Immatics in the 4th quarter valued at approximately $36,014,000. T. Rowe Price Investment Management Inc. increased its position in shares of 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 buying an additional 4,072,226 shares during the period. Vestal Point Capital LP increased its position in shares of 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 buying an additional 2,525,000 shares during the period. Braidwell LP increased its position in shares of 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 buying an additional 1,856,400 shares during the period. Finally, Paradigm Biocapital Advisors LP increased its position in shares of 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 buying an additional 1,509,547 shares during the period. 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.