Immunome (NASDAQ:IMNM) Shares Up 8% - What's Next?

Key Points

• Immunome's shares surged 8% on Tuesday, closing at $10.55 after hitting a high of $10.45, despite a 56% decline in trading volume compared to the average.
• Analysts are optimistic about Immunome, with an average price target of $23.20 and multiple firms assigning an "outperform" or "buy" rating.
• The company reported a revenue of $4.02 million for the last quarter, significantly exceeding analyst estimates, alongside a less negative earnings per share than anticipated.

Immunome, Inc. (NASDAQ:IMNM - Get Free Report)'s share price shot up 8% on Tuesday . The company traded as high as $10.45 and last traded at $10.55. 454,228 shares traded hands during trading, a decline of 56% from the average session volume of 1,030,144 shares. The stock had previously closed at $9.77.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on IMNM. Evercore ISI began coverage on Immunome in a research note on Friday, August 22nd. They set an "outperform" rating and a $18.00 price target on the stock. Wedbush reaffirmed an "outperform" rating and issued a $21.00 target price on shares of Immunome in a research report on Thursday, September 18th. Craig Hallum began coverage on Immunome in a research report on Friday, September 5th. They issued a "buy" rating and a $26.00 target price on the stock. JPMorgan Chase & Co. cut their target price on Immunome from $23.00 to $22.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. Finally, Guggenheim reaffirmed a "buy" rating and issued a $25.00 target price on shares of Immunome in a research report on Monday, August 25th. Ten equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Immunome currently has a consensus rating of "Buy" and an average price target of $23.20.

Immunome Stock Performance

The stock has a market capitalization of $919.14 million, a price-to-earnings ratio of -3.43 and a beta of 1.92. The firm has a fifty day moving average of $10.03 and a 200-day moving average of $8.84.

Immunome (NASDAQ:IMNM - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported ($0.50) earnings per share for the quarter, beating the consensus estimate of ($0.52) by $0.02. The company had revenue of $4.02 million during 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, analysts predict that Immunome, Inc. will post -2.21 EPS for the current year.

Institutional Trading of Immunome

Several large investors have recently modified their holdings of the business. Tower Research Capital LLC TRC grew its stake in shares of Immunome by 121.2% during 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 in the last quarter. BNP Paribas Financial Markets grew its stake in 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 in the last quarter. Birchview Capital LP acquired a new position in Immunome in the second quarter worth about $558,000. Balyasny Asset Management L.P. acquired a new position in Immunome in the second quarter worth about $1,021,000. Finally, The Manufacturers Life Insurance Company grew its stake in Immunome by 3.6% in the second quarter. The Manufacturers Life Insurance Company now owns 280,816 shares of the company's stock worth $2,612,000 after purchasing an additional 9,686 shares in the last quarter. 44.58% of the stock is currently 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.

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