Immunome (NASDAQ:IMNM) Stock Price Up 8.6% - Should You Buy?

Immunome, Inc. (NASDAQ:IMNM - Get Free Report) shares were up 8.6% during mid-day trading on Wednesday . The company traded as high as $9.34 and last traded at $9.12. Approximately 441,837 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 1,053,086 shares. The stock had previously closed at $8.40.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on IMNM shares. Wedbush reissued an "outperform" rating and issued a $21.00 target price (down from $33.00) on shares of Immunome in a report on Tuesday, May 13th. Lake Street Capital began coverage on Immunome in a report on Wednesday, April 2nd. They set a "buy" rating and a $23.00 price target for the company. Finally, Wall Street Zen raised Immunome from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, Immunome currently has an average rating of "Moderate Buy" and an average price target of $23.33.

Immunome Stock Performance

The stock has a market capitalization of $920.57 million, a P/E ratio of -3.33 and a beta of 1.92. The stock has a 50-day simple moving average of $8.83 and a 200 day simple moving average of $8.87.

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

Insiders Place Their Bets

In other news, Director Jean Jacques Bienaime purchased 5,000 shares of the company's stock in a transaction on Tuesday, June 3rd. The shares were purchased at an average price of $9.38 per share, with a total value of $46,900.00. Following the purchase, the director directly owned 36,415 shares of the company's stock, valued at $341,572.70. This trade represents a 15.92% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 8.60% of the company's stock.

Institutional Trading of Immunome

A number of hedge funds and other institutional investors have recently modified their holdings of IMNM. T. Rowe Price Investment Management Inc. increased its position in Immunome by 37.4% during 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 buying an additional 2,054,640 shares during the last quarter. Redmile Group LLC increased its position in Immunome by 11.0% during the first quarter. Redmile Group LLC now owns 5,361,187 shares of the company's stock worth $36,081,000 after buying an additional 533,161 shares during the last quarter. Vanguard Group Inc. increased its position in Immunome by 43.4% during the first quarter. Vanguard Group Inc. now owns 4,307,191 shares of the company's stock worth $28,987,000 after buying an additional 1,303,753 shares during the last quarter. EcoR1 Capital LLC increased its position in Immunome by 5.2% during the first quarter. EcoR1 Capital LLC now owns 4,079,415 shares of the company's stock worth $27,454,000 after buying an additional 200,000 shares during the last quarter. Finally, Enavate Sciences GP LLC acquired a new position in Immunome during the fourth quarter worth approximately $36,939,000. Institutional investors and hedge funds 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.