Immunome (NASDAQ:IMNM) Shares Gap Down on Disappointing Earnings

Key Points

• Immunome shares opened lower after the biotechnology company reported quarterly EPS of negative $0.65, missing analyst expectations of negative $0.51.
• Despite the earnings miss, analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $34.18 versus recent trading near $26.32.
• Insiders sold 598,846 shares worth approximately $13.5 million during the last quarter, while institutional investors and hedge funds own 44.58% of the company.

Immunome, Inc. (NASDAQ:IMNM - Get Free Report) gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $26.25, but opened at $25.23. Immunome shares last traded at $26.3240, with a volume of 124,396 shares changing hands.

The company reported ($0.65) earnings per share for the quarter, missing analysts' consensus estimates of ($0.51) by ($0.14).

Wall Street Analysts Forecast Growth

A number of brokerages have commented on IMNM. HC Wainwright restated a "buy" rating on shares of Immunome in a research report on Thursday, July 9th. Wall Street Zen lowered shares of Immunome from a "hold" rating to a "sell" rating in a research note on Saturday, May 30th. Barclays initiated coverage on shares of Immunome in a research note on Thursday, May 28th. They set an "overweight" rating and a $36.00 target price for the company. Truist Financial upped their price target on shares of Immunome from $36.00 to $37.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Finally, Wedbush reiterated an "outperform" rating on shares of Immunome in a report on Wednesday. Twelve investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $34.18.

Insider Transactions at Immunome

In other Immunome news, Director Isaac Barchas sold 15,248 shares of Immunome stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $26.06, for a total value of $397,362.88. Following the transaction, the director directly owned 72,416 shares of the company's stock, valued at $1,887,160.96. The trade was a 17.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Robert Lechleider sold 55,000 shares of the company's stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $22.62, for a total value of $1,244,100.00. Following the transaction, the insider owned 15,805 shares of the company's stock, valued at approximately $357,509.10. This trade represents a 77.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 598,846 shares of company stock worth $13,476,656. 7.21% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Immunome

Several large investors have recently bought and sold shares of the stock. Allworth Financial LP acquired a new position in shares of Immunome during the second quarter valued at about $25,000. E Fund Management Co. Ltd. acquired a new stake in Immunome during the second quarter worth about $248,000. Citizens Financial Group Inc. RI acquired a new stake in Immunome during the second quarter worth about $424,000. BlackRock Inc. bought a new position in Immunome during the second quarter valued at about $186,588,000. Finally, Deutsche Bank AG bought a new position in Immunome during the second quarter valued at about $2,365,000. 44.58% of the stock is currently owned by institutional investors and hedge funds.

Immunome Trading Up 0.1%

The firm has a fifty day simple moving average of $21.73 and a 200 day simple moving average of $22.18. The stock has a market cap of $2.98 billion, a price-to-earnings ratio of -11.02 and a beta of 2.07.

About Immunome

Immunome, Inc is a clinical-stage biotechnology company focused on discovering and developing novel antibody-based therapeutics for oncology and infectious diseases. The company leverages a proprietary platform that mines the natural B-cell repertoire of patients with active disease to identify fully human monoclonal antibodies with unique mechanisms of action. Immunome's approach is designed to uncover antibodies that engage the immune system in ways that traditional discovery methods may miss, enabling the development of therapies with potential for improved efficacy and safety profiles.

The company's lead oncology program, IMM-BCP-01, is a multi-antibody cocktail currently in early-stage clinical trials targeting breast cancer antigens.

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