Immunome (NASDAQ:IMNM) Stock Price Down 5.4% - What's Next?

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)'s share price was down 5.4% during trading on Friday . The company traded as low as $9.36 and last traded at $9.32. Approximately 907,400 shares traded 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 research analysts have issued reports on IMNM shares. Evercore ISI started coverage on Immunome in a research report on Friday, August 22nd. They issued an "outperform" rating and a $18.00 target price on the stock. The Goldman Sachs Group started coverage on shares of Immunome in a research note on Monday. They issued a "buy" rating and a $26.00 price objective on the stock. Craig Hallum began coverage on shares of Immunome in a research report on Friday, September 5th. They set a "buy" rating and a $26.00 target price for the company. Guggenheim reaffirmed a "buy" rating and set a $25.00 target price on shares of Immunome in a report on Monday, August 25th. Finally, Wedbush reiterated an "outperform" rating and set a $21.00 price target on shares of Immunome in a research note on Thursday. Ten investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $23.20.

Immunome Price Performance

The firm has a market capitalization of $850.38 million, a PE ratio of -3.17 and a beta of 1.92. The company has a 50-day moving average price of $10.03 and a 200 day moving average price of $8.84.

Immunome (NASDAQ:IMNM - Get Free Report) last issued its 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. Immunome had a negative return on equity of 76.10% and a negative net margin of 1,687.08%.The company had revenue of $4.02 million for the quarter, compared to the consensus estimate of $1.03 million. As a group, research analysts anticipate that Immunome, Inc. will post -2.21 earnings per share for the current year.

Hedge Funds Weigh In On Immunome

Several institutional investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC lifted its stake in Immunome by 121.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,938 shares of the company's stock worth $65,000 after purchasing an additional 3,802 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Immunome by 81.8% in the second quarter. BNP Paribas Financial Markets now owns 6,464 shares of the company's stock worth $60,000 after purchasing an additional 2,909 shares during the last quarter. Birchview Capital LP purchased a new stake in shares of Immunome in the second quarter worth about $558,000. Balyasny Asset Management L.P. bought a new position in Immunome during the second quarter valued at approximately $1,021,000. Finally, The Manufacturers Life Insurance Company boosted its stake in Immunome by 3.6% during the second quarter. The Manufacturers Life Insurance Company now owns 280,816 shares of the company's stock valued at $2,612,000 after buying an additional 9,686 shares during the last quarter. 44.58% of the stock is owned by hedge funds and other institutional investors.

Immunome Company Profile

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.