Immatics (NASDAQ:IMTX) Shares Down 5% – Here’s What Happened

Shares of Immatics N.V. (NASDAQ:IMTX) dropped 5% on Friday . The stock traded as low as $9.95 and last traded at $9.79. Approximately 25,593 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 381,668 shares. The stock had previously closed at $10.30.

Analysts Set New Price Targets

Several brokerages recently commented on IMTX. Wall Street Zen downgraded shares of Immatics from a “hold” rating to a “sell” rating in a research note on Sunday, January 11th. Leerink Partners reaffirmed an “outperform” rating and set a $17.00 price objective on shares of Immatics in a research note on Thursday, December 4th. Guggenheim raised their target price on Immatics from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Tuesday, November 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immatics in a research report on Thursday, January 22nd. Finally, Mizuho set a $25.00 target price on Immatics in a research note on Thursday. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.20.

Immatics Price Performance

The company has a market capitalization of $1.21 billion, a P/E ratio of -9.77 and a beta of 1.36. The firm’s 50-day moving average is $9.89 and its 200-day moving average is $8.88.

Immatics (NASDAQ:IMTX) last announced its earnings results on Monday, November 17th. The company reported ($0.49) EPS for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.01. Immatics had a negative return on equity of 24.16% and a negative net margin of 146.13%.The company had revenue of $6.10 million for the quarter, compared to analysts’ expectations of $12.53 million. As a group, analysts forecast that Immatics N.V. will post -0.72 EPS for the current fiscal year.

Hedge Funds Weigh In On Immatics

Several hedge funds have recently modified their holdings of the stock. Bank of America Corp DE increased its stake in Immatics by 166.0% during the fourth quarter. Bank of America Corp DE now owns 3,575 shares of the company’s stock worth $25,000 after acquiring an additional 2,231 shares during the last quarter. Quarry LP bought a new stake in Immatics in the fourth quarter worth $84,000. Insigneo Advisory Services LLC bought a new position in Immatics during the third quarter valued at $103,000. Fox Run Management L.L.C. purchased a new stake in shares of Immatics in the fourth quarter valued at $129,000. Finally, Graham Capital Management L.P. bought a new position in Immatics during the 4th quarter valued at about $206,000. Hedge funds and other institutional investors own 64.41% of the company’s stock.

About Immatics

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.