Immunome (NASDAQ:IMNM) Trading Down 5.4% - Here's What Happened

Key Points

• Immunome's stock fell by 5.4% to close at $9.32, with trading volume down 11% compared to its average daily volume.
• Analysts have a generally positive outlook, with an average rating of "Buy" and a price target of $22.89, despite recent price target adjustments from various firms.
• Institutional investors have increased their holdings in Immunome, with hedge funds now owning approximately 44.58% of the company's stock.

Immunome, Inc. (NASDAQ:IMNM - Get Free Report) was down 5.4% during mid-day trading on Friday . The stock traded as low as $9.36 and last traded at $9.32. Approximately 907,400 shares changed hands during trading, a decline of 11% from the average daily volume of 1,023,394 shares. The stock had previously closed at $9.85.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on IMNM shares. Craig Hallum started coverage on Immunome in a research report on Friday, September 5th. They set a "buy" rating and a $26.00 price objective for the company. Evercore ISI began coverage on Immunome in a research report on Friday, August 22nd. They issued an "outperform" rating and a $18.00 target price for the company. Guggenheim restated a "buy" rating and issued a $25.00 target price on shares of Immunome in a research report on Monday, August 25th. Wedbush restated an "outperform" rating and issued a $21.00 target price on shares of Immunome in a research report on Thursday. Finally, JPMorgan Chase & Co. cut their target price on Immunome from $23.00 to $22.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Nine analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Immunome has an average rating of "Buy" and a consensus target price of $22.89.

Immunome Stock Down 4.7%

The stock has a market capitalization of $817.31 million, a price-to-earnings ratio of -3.05 and a beta of 1.92. The company's 50-day simple moving average is $10.00 and its 200 day simple moving average is $8.84.

Immunome (NASDAQ:IMNM - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.50) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.02. The company had revenue of $4.02 million for the quarter, compared to the consensus estimate of $1.03 million. Immunome had a negative return on equity of 76.10% and a negative net margin of 1,687.08%. On average, equities analysts expect that Immunome, Inc. will post -2.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Immunome

Institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets boosted its holdings in Immunome by 81.8% during the second quarter. BNP Paribas Financial Markets now owns 6,464 shares of the company's stock valued at $60,000 after purchasing an additional 2,909 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Immunome by 121.2% in the second quarter. Tower Research Capital LLC TRC now owns 6,938 shares of the company's stock valued at $65,000 after acquiring an additional 3,802 shares during the last quarter. ANTIPODES PARTNERS Ltd bought a new position in shares of Immunome in the first quarter valued at approximately $95,000. Brighton Jones LLC bought a new position in shares of Immunome in the second quarter valued at approximately $98,000. Finally, KLP Kapitalforvaltning AS raised its stake in shares of Immunome by 140.8% in the first quarter. KLP Kapitalforvaltning AS now owns 17,100 shares of the company's stock valued at $115,000 after acquiring an additional 10,000 shares during the last quarter. 44.58% of the stock is owned by institutional investors and hedge funds.

About Immunome

Immunome, Inc, a biotechnology company, develops targeted cancer therapies. The company's clinical asset comprises AL102, an investigational gamma secretase inhibitor currently in evaluation in a Phase 3 trial for the treatment of desmoid tumors; and preclinical assets consist of IM-1021, a receptor tyrosine kinase-like orphan receptor 1 and antibody-drug conjugates, as well as IM-3050, a fibroblast activation protein targeted radioligand therapy; and IM-4320, an anti-IL-38 immunotherapy candidate.