Immunome (NASDAQ:IMNM) Shares Gap Down Following Weak Earnings

Key Points

• Immunome shares fell after earnings missed expectations: The company reported a quarterly loss of $0.76 per share versus analyst estimates of $0.61, and the stock opened at $18.11 after closing at $19.36.
• Analyst views were mixed: Stifel and Piper Sandler lowered their price targets, while the consensus remained Moderate Buy with an average target of $33.85.
• Insiders Jack Higgins and Isaac Barchas sold shares under pre-arranged trading plans; institutional investors own 44.58% of the company’s stock.

Immunome, Inc. (NASDAQ:IMNM - Get Free Report)'s stock price gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $19.36, but opened at $18.11. Immunome shares last traded at $18.6740, with a volume of 109,835 shares.

The company reported ($0.76) earnings per share for the quarter, missing analysts' consensus estimates of ($0.61) by ($0.15).

Analysts Set New Price Targets

Several research firms have weighed in on IMNM. Stifel Nicolaus lowered their price objective on Immunome from $24.00 to $23.00 and set a "hold" rating on the stock in a research report on Tuesday. Wall Street Zen cut shares of Immunome from a "sell" rating to a "strong sell" rating in a research report on Sunday, October 4th. Alliance Global Partners assumed coverage on shares of Immunome in a research note on Monday, September 21st. They issued a "buy" rating and a $32.00 price target on the stock. Piper Sandler decreased their price target on shares of Immunome from $33.00 to $30.00 and set an "overweight" rating on the stock in a research note on Tuesday. Finally, Wedbush reaffirmed an "outperform" rating and set a $35.00 price target on shares of Immunome in a research report on Tuesday, October 27th. Fourteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $33.85.

Insider Buying and Selling at Immunome

In other news, insider Jack Higgins sold 13,200 shares of the stock in a transaction on Friday, September 11th. The stock was sold at an average price of $25.32, for a total transaction of $334,224.00. Following the sale, the insider directly owned 65,050 shares of the company's stock, valued at approximately $1,647,066. This represents a 16.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Isaac Barchas sold 11,048 shares of the firm's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $27.25, for a total value of $301,058.00. Following the completion of the transaction, the director owned 92,211 shares in the company, valued at $2,512,749.75. The trade was a 10.70% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 7.21% of the company's stock.

Hedge Funds Weigh In On Immunome

Several hedge funds have recently bought and sold shares of IMNM. Renaissance Technologies LLC bought a new position in shares of Immunome in the 1st quarter valued at $1,507,000. Readystate Asset Management LP raised its holdings in shares of Immunome by 23.3% during the 2nd quarter. Readystate Asset Management LP now owns 1,605,820 shares of the company's stock worth $34,027,000 after buying an additional 303,958 shares in the last quarter. California State Teachers Retirement System lifted its position in shares of Immunome by 66.3% during the 1st quarter. California State Teachers Retirement System now owns 111,444 shares of the company's stock worth $2,437,000 after buying an additional 44,432 shares during the last quarter. Legal & General Group Plc bought a new stake in shares of Immunome during the 2nd quarter worth $1,899,000. Finally, Bank of America Corp DE bought a new stake in shares of Immunome during the 2nd quarter worth $13,729,000. 44.58% of the stock is owned by institutional investors.

Immunome Stock Down 3.7%

The firm has a 50 day moving average of $21.33 and a two-hundred day moving average of $22.37. The firm has a market capitalization of $2.12 billion, a price-to-earnings ratio of -7.38 and a beta of 2.68.

About Immunome

Immunome is a biotechnology company focused on discovering and developing therapies for cancer. It uses an antibody-discovery platform to identify targets and develop medicines intended to address areas of significant unmet medical need.

The company's research and development programs include targeted cancer treatments, such as antibody-based therapies and other drug candidates. Its portfolio has included investigational medicines for solid tumors and other cancers; these products are in development and are not necessarily approved for commercial use.

Immunome became a publicly traded company in 2023 following a merger with Morphimmune and a combination with Ayala Pharmaceuticals.

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