Immatics (NASDAQ:IMTX) Sets New 52-Week Low - Here's What Happened

Key Points

• Immatics shares hit a new 52-week low, falling to $7.40 and last trading at $7.59 versus a prior close of $8.44.
• Analysts remain broadly optimistic, with a consensus “Moderate Buy” rating and an average price target of $20.60, despite one sell rating and the recent decline.
• The company reported weaker-than-expected quarterly results, including an EPS loss of $0.53 versus the $0.47 estimate and revenue of $10.44 million versus $12.42 million expected; however, Perceptive Advisors increased its stake by 8.31%.

Immatics N.V. (NASDAQ:IMTX - Get Free Report)'s share price reached a new 52-week low on Saturday. The company traded as low as $7.40 and last traded at $7.59, with a volume of 1256460 shares. The stock had previously closed at $8.44.

Wall Street Analysts Forecast Growth

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

Immatics Stock Performance

The firm has a fifty day simple moving average of $9.04 and a 200 day simple moving average of $9.83. The company has a market capitalization of $1.04 billion, a PE ratio of -4.08 and a beta of 1.36.

Immatics (NASDAQ:IMTX - Get Free Report) last posted its quarterly earnings results on Tuesday, August 18th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 the consensus estimate of $12.42 million. Research analysts expect that Immatics N.V. will post -2 EPS for the current fiscal year.

Insider Transactions at Immatics

In other Immatics news, Director Perceptive Advisors Llc acquired 863,060 shares of Immatics stock in a transaction that occurred on Wednesday, August 26th. The stock was bought at an average price of $8.69 per share, with a total value of $7,499,991.40. Following the completion of the purchase, the director directly owned 11,246,516 shares of the company's stock, valued at approximately $97,732,224.04. This represents a 8.31% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE grew its stake in 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 purchasing an additional 11,848 shares during the last quarter. Doliver Advisors LP purchased a new stake in shares of Immatics during the third quarter valued at about $263,000. Engineers Gate Manager LP boosted 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 buying an additional 10,638 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of Immatics in the 1st quarter valued at about $742,000. Finally, Ishara Investments LP purchased a new position in shares of Immatics in the 4th quarter worth approximately $840,000. 64.41% of the stock is currently owned by hedge funds and other institutional investors.

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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