Immunome (NASDAQ:IMNM) Trading Up 6% - Time to Buy?

Key Points

• Immunome's stock rose 6% to $10.26, despite a significant decline in trading volume, indicating potential investor interest.
• Analysts have set diverse price targets for Immunome, with a consensus rating of "Buy" and a target price of $22.89, suggesting optimism about its future performance.
• The company reported a narrower-than-expected loss in the last quarter, beating earnings estimates and posting revenue significantly higher than forecasts.

Shares of Immunome, Inc. (NASDAQ:IMNM - Get Free Report) were up 6% during mid-day trading on Friday . The stock traded as high as $10.07 and last traded at $10.26. Approximately 347,534 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 990,650 shares. The stock had previously closed at $9.68.

Analysts Set New Price Targets

Several equities research analysts have issued reports on IMNM shares. Craig Hallum started 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. JPMorgan Chase & Co. lowered their price target on shares of Immunome from $23.00 to $22.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. Evercore ISI assumed coverage on shares of Immunome in a research note on Friday, August 22nd. They issued an "outperform" rating and a $18.00 price target on the stock. Guggenheim reissued a "buy" rating and issued a $25.00 price objective on shares of Immunome in a research report on Monday, August 25th. Finally, Wall Street Zen raised shares of Immunome from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Nine analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $22.89.

Immunome Stock Performance

The company has a market cap of $892.16 million, a P/E ratio of -3.29 and a beta of 1.92. The business's 50-day moving average price is $9.93 and its 200 day moving average price is $8.84.

Immunome (NASDAQ:IMNM - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.50) EPS for the quarter, beating analysts' consensus estimates 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 analyst estimates of $1.03 million. Equities research analysts forecast that Immunome, Inc. will post -2.21 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Tower Research Capital LLC TRC grew its stake in Immunome by 121.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,938 shares of the company's stock valued at $65,000 after buying an additional 3,802 shares during the last quarter. BNP Paribas Financial Markets grew its stake in Immunome by 81.8% in the 2nd 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 last quarter. Birchview Capital LP acquired a new position in Immunome in the 2nd quarter valued at about $558,000. Balyasny Asset Management L.P. acquired a new position in Immunome in the 2nd quarter valued at about $1,021,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in Immunome by 3.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 280,816 shares of the company's stock valued at $2,612,000 after purchasing an additional 9,686 shares during the period. 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.

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