Immunome (NASDAQ:IMNM) Trading Up 6.3% - Still a Buy?

Key Points

• Immunome's stock increased by 6.3% to $9.86, but trading volume was significantly lower than average, declining by 97% to just over 33,000 shares.
• Several analysts have a consensus rating of "Buy" with an average price target of $22.50, indicating strong potential growth for the stock.
• Despite a negative net margin of 1,687.08%, Immunome reported quarterly earnings that surpassed expectations, with a revenue of $4.02 million compared to an estimate of $1.03 million.

Immunome, Inc. (NASDAQ:IMNM - Get Free Report) shares were up 6.3% on Wednesday . The stock traded as high as $9.65 and last traded at $9.86. Approximately 33,020 shares were traded during trading, a decline of 97% from the average daily volume of 982,897 shares. The stock had previously closed at $9.28.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on IMNM shares. Wedbush reaffirmed an "outperform" rating and set a $21.00 target price on shares of Immunome in a research note on Thursday, August 7th. Evercore ISI started coverage on shares of Immunome in a research report on Friday, August 22nd. They set an "outperform" rating and a $18.00 price objective for the company. JPMorgan Chase & Co. lowered their price objective on shares of Immunome from $23.00 to $22.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Wall Street Zen upgraded shares of Immunome from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, Guggenheim reiterated a "buy" rating and set a $25.00 price objective on shares of Immunome in a research report on Monday, August 25th. Eight equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Immunome has a consensus rating of "Buy" and an average price target of $22.50.

Immunome Stock Performance

The stock has a market cap of $859.00 million, a P/E ratio of -3.20 and a beta of 1.92. The company's fifty day moving average price is $9.80 and its 200-day moving average price is $8.84.

Immunome (NASDAQ:IMNM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.50) EPS for the quarter, topping the consensus estimate of ($0.52) by $0.02. The company had revenue of $4.02 million for the quarter, compared to the consensus estimate of $1.03 million. Immunome had a negative net margin of 1,687.08% and a negative return on equity of 76.10%. Analysts anticipate that Immunome, Inc. will post -2.21 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC increased its position in Immunome by 121.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,938 shares of the company's stock valued at $65,000 after purchasing an additional 3,802 shares during the period. BNP Paribas Financial Markets increased its position in Immunome by 81.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 6,464 shares of the company's stock valued at $60,000 after purchasing an additional 2,909 shares during the period. Birchview Capital LP purchased a new position in Immunome during the 2nd quarter valued at about $558,000. Balyasny Asset Management L.P. purchased a new position in Immunome during the 2nd quarter valued at about $1,021,000. Finally, The Manufacturers Life Insurance Company increased its position in Immunome by 3.6% during 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. Hedge funds and other institutional investors 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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