Immatics (NASDAQ:IMTX) Shares Up 5.3% on Insider Buying Activity

Key Points

• Immatics shares rose 5.3% to $9.86 after director Perceptive Advisors purchased 863,060 shares for approximately $7.5 million, increasing its stake by 8.31%.
• Analysts maintain a generally positive outlook, with six Buy ratings, one Hold and one Sell; the stock has a “Moderate Buy” consensus rating and an average price target of $20.60.
• The company reported weaker-than-expected quarterly results, with an adjusted loss of $0.53 per share versus estimates of $0.47 and revenue of $10.44 million versus $12.42 million expected.

Shares of Immatics N.V. (NASDAQ:IMTX - Get Free Report) shot up 5.3% during trading on Friday after an insider bought additional shares in the company. The company traded as high as $9.86 and last traded at $9.86. 397,696 shares traded hands during trading, a decline of 14% from the average daily volume of 464,852 shares. The stock had previously closed at $9.36.

Specifically, Director Perceptive Advisors Llc purchased 863,060 shares of the firm's stock in a transaction 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 transaction, 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 this hyperlink.

Analysts Set New Price Targets

A number of equities research analysts have commented on IMTX shares. Jefferies Financial Group set a $17.00 price objective on shares of Immatics in a research report on Tuesday. Weiss Ratings cut shares of Immatics from a "sell (d)" rating to a "sell (d-)" rating in a research report on Tuesday, June 23rd. Chardan Capital reiterated a "buy" rating and set a $25.00 target price on shares of Immatics in a research note on Tuesday, May 19th. Finally, Wall Street Zen lowered Immatics from a "hold" rating to a "sell" rating in a report on Saturday, May 2nd. Six 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's stock. According to data from MarketBeat, Immatics currently has an average rating of "Moderate Buy" and a consensus target price of $20.60.

Immatics Trading Up 4.4%

The stock has a market cap of $1.31 billion, a price-to-earnings ratio of -5.25 and a beta of 1.33. The stock's 50 day moving average is $9.45 and its two-hundred day moving average is $10.04.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE boosted its stake in shares of Immatics by 166.0% in the fourth quarter. Bank of America Corp DE now owns 3,575 shares of the company's stock valued at $25,000 after buying an additional 2,231 shares in the last quarter. Quarry LP purchased a new position in Immatics in the fourth quarter worth $84,000. Engineers Gate Manager LP purchased a new position in Immatics in the second quarter worth $124,000. Fox Run Management L.L.C. acquired a new stake in Immatics in the fourth quarter valued at $129,000. Finally, Graham Capital Management L.P. acquired a new stake in Immatics in the fourth quarter valued at $206,000. 64.41% of the stock is currently owned by institutional investors and hedge funds.

Immatics Company Profile

Immatics N.V. NASDAQ: IMTX is a clinical-stage biotechnology company dedicated to the development of T cell receptor (TCR)-based immunotherapies for solid tumors. The company leverages its proprietary discovery and engineering platforms to identify tumor-specific peptide targets and develop therapies that harness the power of a patient's immune system. Immatics' approach aims to generate durable responses by guiding T cells to recognize and kill cancer cells with high precision.

At the core of Immatics' technology suite is the XPRESIDENT® platform, which mines the cancer peptidome to uncover novel tumor antigens naturally presented on the surface of cancer cells.

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