Immatics (NASDAQ:IMTX) Shares Gap Up - Here's Why

Key Points

• Immatics shares opened higher at $7.55 versus a prior close of $7.31, but later traded at $7.20 on relatively light volume.
• Analyst sentiment remains broadly positive, with seven Buy ratings and one Sell rating; the stock has a “Moderate Buy” consensus and an average price target of $19.67.
• The company continues to report financial losses, including a quarterly EPS miss and $10.44 million in revenue below expectations, while institutional investors own 64.41% of outstanding shares.

Immatics N.V. (NASDAQ:IMTX - Get Free Report)'s share price gapped up prior to trading on Monday. The stock had previously closed at $7.31, but opened at $7.55. Immatics shares last traded at $7.20, with a volume of 30,596 shares trading hands.

Wall Street Analyst Weigh In

IMTX has been the subject of a number of recent analyst reports. Jefferies Financial Group set a $17.00 price target on shares of Immatics in a research report on Tuesday, August 25th. Wall Street Zen upgraded shares of Immatics from a "sell" rating to a "hold" rating in a report on Saturday, September 26th. Stifel Nicolaus initiated coverage on Immatics in a research note on Tuesday, October 13th. They set a "buy" rating and a $15.00 price target on the stock. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Immatics in a research report on Friday, September 18th. Seven research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $19.67.

Immatics Trading Down 2.6%

The stock's fifty day moving average price is $8.44 and its two-hundred day moving average price is $9.57. The firm has a market capitalization of $973.23 million, a price-to-earnings ratio of -3.83 and a beta of 1.36.

Immatics (NASDAQ:IMTX - Get Free Report) last released 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). The firm had revenue of $10.44 million for the quarter, compared to analysts' expectations of $12.42 million. Immatics had a negative return on equity of 47.41% and a negative net margin of 495.71%. Analysts anticipate that Immatics N.V. will post -1.99 earnings per share for the current fiscal year.

Insider Activity

In other Immatics news, Director Perceptive Advisors Llc acquired 863,060 shares of the stock in a transaction dated 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 transaction, the director owned 11,246,516 shares in the company, valued at $97,732,224.04. The trade was 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 the SEC website.

Institutional Investors Weigh In On Immatics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Troluce Capital Advisors LLC acquired a new stake in shares of Immatics during the 1st quarter valued at approximately $2,460,000. Wellington Management Group LLP grew its holdings 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 acquiring an additional 85,960 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in shares of Immatics in the 1st quarter worth approximately $742,000. SummitTX Capital L.P. increased its stake in 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 in the last quarter. Finally, Doliver Advisors LP purchased a new position in Immatics in the 3rd quarter valued at approximately $263,000. Institutional investors and hedge funds own 64.41% of the company's stock.

About Immatics

Immatics N.V. is a biotechnology company developing T cell receptor (TCR)-based immunotherapies for cancer. The company's approach is designed to recognize cancer-associated targets presented on the surface of tumor cells and activate the immune system against malignant tissue.

Its research and development programs include TCR-engineered T cell therapies, TCR bispecific molecules and other cell-based immunotherapies. Immatics has developed technology platforms intended to identify tumor targets and generate therapeutic TCRs, supporting programs for both solid tumors and blood cancers.

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