Immatics (NASDAQ:IMTX) Sees Unusually-High Trading Volume - Still a Buy?

Key Points

• Immatics shares traded at $8.66 on unusually high volume, though mid-day volume of 434,954 shares was 11% below the prior session.
• Analyst sentiment is mixed but leans positive: six analysts rate the stock Buy, one Hold, and one Sell, producing a “Moderate Buy” consensus and a $20.60 average price target.
• The company recently missed quarterly expectations, reporting a $0.53 loss per share versus a $0.47 expected loss and revenue of $10.44 million versus $12.42 million estimated. However, Perceptive Advisors bought 863,060 shares, increasing its position by 8.31%.

Shares of Immatics N.V. (NASDAQ:IMTX - Get Free Report) saw an uptick in trading volume on Wednesday. Approximately 434,954 shares were traded during mid-day trading, a decline of 11% from the previous session's volume of 491,095 shares. The stock last traded at $8.6610 and had previously closed at $8.56.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on IMTX. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Immatics in a report on Friday, September 18th. Jefferies Financial Group set a $17.00 target price on shares of Immatics in a research note on Tuesday, August 25th. Finally, Wall Street Zen upgraded Immatics from a "sell" rating to a "hold" rating in a research report on Saturday. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $20.60.

Immatics Price Performance

The business's 50 day moving average price is $9.10 and its 200-day moving average price is $9.85. The company has a market cap of $1.23 billion, a P/E ratio of -4.85 and a beta of 1.33.

Immatics (NASDAQ:IMTX - Get Free Report) last announced its earnings results on Tuesday, August 18th. The company reported ($0.53) 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 business had revenue of $10.44 million during the quarter, compared to analyst estimates of $12.42 million. As a group, research analysts forecast that Immatics N.V. will post -2 EPS for the current year.

Insider Activity

In other Immatics news, Director Perceptive Advisors Llc purchased 863,060 shares of the business's stock in a transaction that occurred on Wednesday, August 26th. The stock was acquired at an average cost of $8.69 per share, with a total value of $7,499,991.40. Following the completion of the acquisition, 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 available through this hyperlink.

Hedge Funds Weigh In On Immatics

Large investors have recently modified their holdings of the stock. Bank of America Corp DE increased its stake in shares of Immatics by 87.5% in the 1st quarter. Bank of America Corp DE now owns 25,394 shares of the company's stock valued at $250,000 after buying an additional 11,848 shares during the period. Engineers Gate Manager LP raised its holdings in Immatics by 26.4% during the 2nd quarter. Engineers Gate Manager LP now owns 50,886 shares of the company's stock worth $515,000 after purchasing an additional 10,638 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Immatics during the 1st quarter valued at about $742,000. Ishara Investments LP bought a new position in shares of Immatics in the 4th quarter valued at about $840,000. Finally, SummitTX Capital L.P. boosted its stake in shares of Immatics by 56.1% in the 1st quarter. SummitTX Capital L.P. now owns 151,112 shares of the company's stock valued at $1,487,000 after purchasing an additional 54,328 shares during the last quarter. 64.41% of the stock is currently owned by institutional investors and hedge funds.

Immatics Company Profile

Immatics N.V. is a biopharmaceutical company focused on developing T cell receptor (TCR)-based therapies for cancer. The company aims to identify cancer targets that are presented on the surface of tumor cells and develop treatments that enable T cells to recognize and attack those cells, including targets that may be difficult to address with conventional antibody-based medicines.

Immatics' technology platforms support two primary approaches: TCR-engineered T-cell therapies, known as TCR-T, and TCR-based bispecific molecules designed to direct patients' T cells toward tumor cells.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.