Immatics (NASDAQ:IMTX) Hits New 1-Year Low - Here's What Happened

Key Points

• Immatics shares hit a new 52-week low, trading as low as $6.73 before last changing hands at $7.00, below both their 50-day and 200-day moving averages.
• Analyst sentiment remains broadly positive, with seven Buy ratings and one Sell rating producing a “Moderate Buy” consensus and an average price target of $19.67.
• The company’s latest quarter fell short of expectations, reporting a loss of $0.53 per share versus the $0.47 expected and revenue of $10.44 million versus estimates of $12.42 million; Perceptive Advisors nevertheless increased its stake by 8.31%.

Immatics N.V. (NASDAQ:IMTX - Get Free Report)'s share price reached a new 52-week low on Thursday. The stock traded as low as $6.73 and last traded at $7.00, with a volume of 1,566,315 shares changing hands. The stock had previously closed at $6.83.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on IMTX shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Immatics in a research report on Friday, September 18th. Stifel Nicolaus began coverage on shares of Immatics in a research report on Tuesday. They issued a "buy" rating and a $15.00 price objective on the stock. Wall Street Zen raised shares of Immatics from a "sell" rating to a "hold" rating in a research note on Saturday, September 26th. Finally, Jefferies Financial Group set a $17.00 target price on Immatics in a report on Tuesday, August 25th. Seven analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Immatics presently has a consensus rating of "Moderate Buy" and an average target price of $19.67.

Immatics Stock Up 2.5%

The firm has a market capitalization of $956.83 million, a P/E ratio of -3.76 and a beta of 1.36. The stock has a fifty day moving average of $8.76 and a 200-day moving average of $9.70.

Immatics (NASDAQ:IMTX - Get Free Report) last announced its quarterly earnings data on Tuesday, August 18th. The company reported ($0.53) EPS for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.06). The business had revenue of $10.44 million during the quarter, compared to the consensus estimate of $12.42 million. Immatics had a negative return on equity of 47.41% and a negative net margin of 495.71%. Sell-side analysts predict that Immatics N.V. will post -2.00 EPS for the current fiscal year.

Insider Transactions at Immatics

In other Immatics news, Director Perceptive Advisors Llc purchased 863,060 shares of the business's stock in a transaction on Wednesday, August 26th. The shares were purchased at an average cost of $8.69 per share, with a total value of $7,499,991.40. Following the transaction, the director directly owned 11,246,516 shares of the company's stock, valued at $97,732,224.04. This represents a 8.31% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 3.30% of the company's stock.

Hedge Funds Weigh In On Immatics

Hedge funds have recently modified their holdings of the stock. Bank of America Corp DE boosted its position in Immatics by 87.5% during the first quarter. Bank of America Corp DE now owns 25,394 shares of the company's stock valued at $250,000 after purchasing an additional 11,848 shares during the last quarter. Doliver Advisors LP bought a new position in Immatics in the third quarter valued at approximately $263,000. Engineers Gate Manager LP grew its stake in Immatics by 26.4% in the second quarter. Engineers Gate Manager LP now owns 50,886 shares of the company's stock valued at $515,000 after purchasing an additional 10,638 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Immatics during the 1st quarter worth approximately $742,000. Finally, Ishara Investments LP acquired a new position in shares of Immatics during the 4th quarter worth approximately $840,000. Institutional investors own 64.41% of the company's stock.

Immatics Company Profile

Immatics N.V. NASDAQ: IMTX is a biotechnology company focused on developing T cell receptor (TCR)-based therapies for the treatment of cancer. The company identifies cancer targets and designs treatments intended to direct a patient's immune system toward tumor cells, including solid tumors that may be difficult to address with conventional immunotherapies.

Immatics' technology platforms support several therapeutic approaches, including TCR-engineered T-cell therapies and TCR-based bispecific molecules that can engage both cancer targets and T cells.

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