Immunome (NASDAQ:IMNM) Stock Price Down 5.9% - Here's Why

Key Points

• Immunome's stock price fell by 5.9%, closing at $10.54, amidst a significant decline in trading volume.
• Despite the current drop, analysts maintain a consensus "Buy" rating for Immunome, with an average price target of $23.20.
• Institutional investors have increased their stakes in Immunome recently, with notable increases from firms like Teacher Retirement System of Texas and BNP Paribas Financial Markets.

Shares of Immunome, Inc. (NASDAQ:IMNM - Get Free Report) were down 5.9% during trading on Thursday . The stock traded as low as $10.57 and last traded at $10.54. Approximately 76,070 shares were traded during mid-day trading, a decline of 93% from the average daily volume of 1,046,469 shares. The stock had previously closed at $11.20.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on IMNM shares. Evercore ISI started coverage on shares of Immunome in a report on Friday, August 22nd. They issued an "outperform" rating and a $18.00 target price on the stock. Craig Hallum assumed coverage on shares of Immunome in a research note on Friday, September 5th. They issued a "buy" rating and a $26.00 price target 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 target on the stock. JPMorgan Chase & Co. decreased 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, Wedbush reiterated an "outperform" rating and issued a $21.00 target price on shares of Immunome in a research report on Thursday, September 18th. Ten equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $23.20.

Immunome Price Performance

The business has a 50-day simple moving average of $10.10 and a 200-day simple moving average of $8.87. The firm has a market capitalization of $873.50 million, a PE ratio of -3.28 and a beta of 1.92.

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. Immunome had a negative net margin of 1,687.08% and a negative return on equity of 76.10%. The business had revenue of $4.02 million for the quarter, compared to the consensus estimate of $1.03 million. On average, research analysts expect that Immunome, Inc. will post -2.21 earnings per share for the current year.

Institutional Trading of Immunome

Hedge funds and other institutional investors have recently bought and sold shares of the business. Teacher Retirement System of Texas increased its stake in shares of Immunome by 6.8% during the second quarter. Teacher Retirement System of Texas now owns 18,548 shares of the company's stock valued at $172,000 after buying an additional 1,188 shares during the period. Main Management ETF Advisors LLC increased its position in Immunome by 1.6% during the 2nd quarter. Main Management ETF Advisors LLC now owns 76,944 shares of the company's stock valued at $716,000 after purchasing an additional 1,248 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Immunome by 3.2% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 53,187 shares of the company's stock valued at $470,000 after purchasing an additional 1,643 shares during the period. Invesco Ltd. increased its position in Immunome by 6.4% during the 1st quarter. Invesco Ltd. now owns 28,379 shares of the company's stock valued at $191,000 after purchasing an additional 1,718 shares during the period. Finally, BNP Paribas Financial Markets increased its holdings in Immunome by 81.8% during the second quarter. BNP Paribas Financial Markets now owns 6,464 shares of the company's stock valued at $60,000 after buying an additional 2,909 shares during the period. Hedge funds and other institutional investors own 44.58% of the company's stock.

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.

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