Immunome (NASDAQ:IMNM) Shares Down 7.8% - Here's Why

Shares of Immunome, Inc. (NASDAQ:IMNM - Get Free Report) fell 7.8% on Tuesday . The company traded as low as $8.55 and last traded at $8.57. 809,998 shares were traded during trading, a decline of 9% from the average session volume of 885,852 shares. The stock had previously closed at $9.30.

Analyst Ratings Changes

Several research firms have recently issued reports on IMNM. Lifesci Capital initiated coverage on shares of Immunome in a report on Tuesday, March 11th. They set an "outperform" rating and a $20.00 price objective on the stock. Wedbush restated an "outperform" rating and set a $21.00 price target (down previously from $33.00) on shares of Immunome in a research note on Tuesday, May 13th. Stephens reiterated an "overweight" rating and set a $30.00 price objective on shares of Immunome in a research note on Thursday, March 20th. Lake Street Capital began coverage on shares of Immunome in a report on Wednesday, April 2nd. They set a "buy" rating and a $23.00 price objective on the stock. Finally, Guggenheim reduced their target price on Immunome from $35.00 to $25.00 and set a "buy" rating for the company in a research note on Thursday, March 20th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Immunome presently has an average rating of "Moderate Buy" and an average target price of $23.33.

Immunome Trading Down 8.9%

The firm has a market capitalization of $736.97 million, a PE ratio of -2.66 and a beta of 1.94. The firm's fifty day moving average price is $8.64 and its 200 day moving average price is $9.06.

Immunome (NASDAQ:IMNM - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The company reported ($0.52) EPS for the quarter, beating the consensus estimate of ($0.66) by $0.14. The company had revenue of $2.93 million for the quarter, compared to analyst estimates of $0.46 million. Immunome had a negative net margin of 1,875.21% and a negative return on equity of 71.65%. On average, analysts predict that Immunome, Inc. will post -2.21 earnings per share for the current year.

Insider Activity at Immunome

In related news, Director Jean Jacques Bienaime bought 5,000 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The shares were purchased at an average cost of $9.38 per share, with a total value of $46,900.00. Following the completion of the acquisition, the director directly owned 36,415 shares in the company, valued at approximately $341,572.70. The trade was a 15.92% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 8.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Immunome

Several hedge funds have recently bought and sold shares of IMNM. Enavate Sciences GP LLC purchased a new position in shares of Immunome during the 4th quarter valued at approximately $36,939,000. Primecap Management Co. CA increased its holdings in Immunome by 1,115.7% in the first quarter. Primecap Management Co. CA now owns 3,413,700 shares of the company's stock valued at $22,974,000 after buying an additional 3,132,900 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of Immunome by 37.4% in the first quarter. T. Rowe Price Investment Management Inc. now owns 7,554,594 shares of the company's stock worth $50,843,000 after acquiring an additional 2,054,640 shares during the period. Vanguard Group Inc. raised its position in shares of Immunome by 43.4% in the first quarter. Vanguard Group Inc. now owns 4,307,191 shares of the company's stock worth $28,987,000 after acquiring an additional 1,303,753 shares during the period. Finally, Woodline Partners LP boosted its stake in shares of Immunome by 69.0% during the 1st quarter. Woodline Partners LP now owns 1,657,729 shares of the company's stock worth $11,157,000 after acquiring an additional 676,804 shares in the last quarter. Hedge funds and other institutional investors own 44.58% of the company's stock.

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.

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