Immatics (NASDAQ:IMTX) Shares Down 5.3% - Here's What Happened

Key Points

• Immatics shares fell 5.3% to about $7.99, with trading volume down 86% from its average. The stock remains below its 50-day and 200-day moving averages.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $20.60, despite one sell rating.
• 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 the $12.42 million forecast. Perceptive Advisors also increased its stake by 8.31% through a purchase of 863,060 shares.

Immatics N.V. (NASDAQ:IMTX - Get Free Report) shares fell 5.3% on Friday. The company traded as low as $8.09 and last traded at $7.9940. 68,353 shares changed hands during trading, a decline of 86% from the average daily volume of 498,593 shares. The stock had previously closed at $8.44.

Wall Street Analyst Weigh In

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

Immatics Stock Performance

The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of -4.23 and a beta of 1.36. The company's fifty day simple moving average is $9.07 and its two-hundred day simple moving average is $9.84.

Immatics (NASDAQ:IMTX - Get Free Report) last issued its 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 net margin of 495.71% and a negative return on equity of 47.41%. The company had revenue of $10.44 million during the quarter, compared to analyst estimates of $12.42 million. Sell-side analysts anticipate that Immatics N.V. will post -2 EPS for the current year.

Insider Transactions at Immatics

In other news, Director Perceptive Advisors Llc acquired 863,060 shares of the business's stock in a transaction 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 completion of 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 can be accessed through this hyperlink. 3.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Immatics

A number of institutional investors have recently made changes to their positions in the company. Doliver Advisors LP bought a new position in Immatics during the third quarter worth $263,000. Tidal Investments LLC raised its holdings in shares of Immatics by 0.7% during the second quarter. Tidal Investments LLC now owns 171,499 shares of the company's stock worth $1,737,000 after purchasing an additional 1,110 shares during the period. Engineers Gate Manager LP raised its holdings in shares of Immatics by 26.4% during the second 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 period. Wellington Management Group LLP lifted its position in shares of Immatics by 5.5% in the 2nd quarter. Wellington Management Group LLP now owns 1,647,852 shares of the company's stock worth $16,693,000 after buying an additional 85,960 shares during the last quarter. Finally, Bank of America Corp DE lifted its position 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 worth $250,000 after buying an additional 11,848 shares during the last quarter. 64.41% of the stock is currently owned by 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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