Immatics (NASDAQ:IMTX) Reaches New 1-Year Low - Here's Why

Key Points

• Immatics shares hit a new 52-week low of $7.02 and last traded at $7.37, below both their 50-day and 200-day moving averages.
• The company reported a quarterly loss of $0.53 per share, missing the $0.47 consensus estimate, while revenue of $10.44 million also fell short of expectations.
• Despite the weak performance, analysts maintain a “Moderate Buy” consensus with an average price target of $20.60, and Perceptive Advisors purchased approximately $7.5 million of shares.

Immatics N.V. (NASDAQ:IMTX - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Friday. The stock traded as low as $7.02 and last traded at $7.37, with a volume of 604725 shares. The stock had previously closed at $7.45.

Analyst Ratings Changes

IMTX has been the topic of several research analyst reports. Wall Street Zen raised Immatics from a "sell" rating to a "hold" rating in a research report on Saturday, September 26th. Jefferies Financial Group set a $17.00 price target on Immatics in a report on Tuesday, August 25th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Immatics in a report on Friday, September 18th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $20.60.

Immatics Stock Down 1.1%

The stock has a market capitalization of $1.01 billion, a PE ratio of -3.96 and a beta of 1.36. The business's 50-day moving average is $8.93 and its two-hundred day moving average is $9.77.

Immatics (NASDAQ:IMTX - Get Free Report) last issued its quarterly earnings data on Tuesday, August 18th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.06). Immatics had a negative return on equity of 47.41% and a negative net margin of 495.71%.The firm had revenue of $10.44 million for the quarter, compared to analysts' expectations of $12.42 million. As a group, analysts anticipate that Immatics N.V. will post -2 EPS for the current year.

Insider Activity

In other news, Director Perceptive Advisors Llc purchased 863,060 shares of the company's stock in a transaction that occurred on Wednesday, August 26th. The shares were purchased at an average price of $8.69 per share, for a total transaction of $7,499,991.40. Following the purchase, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Immatics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its holdings in shares of Immatics by 87.5% in the first quarter. Bank of America Corp DE now owns 25,394 shares of the company's stock valued at $250,000 after acquiring an additional 11,848 shares during the period. Doliver Advisors LP acquired a new position in shares of Immatics in the 3rd quarter valued at $263,000. Engineers Gate Manager LP increased its holdings in shares of Immatics by 26.4% in the 2nd quarter. Engineers Gate Manager LP now owns 50,886 shares of the company's stock valued at $515,000 after acquiring an additional 10,638 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in Immatics in the 1st quarter valued at $742,000. Finally, Ishara Investments LP purchased a new stake in Immatics in the 4th quarter valued at $840,000. Hedge funds and other institutional investors own 64.41% of the company's stock.

About Immatics

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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