Immatics (NASDAQ:IMTX) Stock Jumps 4.8% – Here’s Why

Immatics N.V. (NASDAQ:IMTX) shares were up 4.8% during mid-day trading on Wednesday. The stock traded as high as $7.18 and last traded at $7.1550. Approximately 295,229 shares were traded during mid-day trading, a decline of 43% from the average session volume of 515,800 shares. The stock had previously closed at $6.83.

Analyst Ratings Changes

A number of analysts have commented on the company. Wall Street Zen raised Immatics from a “sell” rating to a “hold” rating in a research report on Saturday, September 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immatics in a research report on Friday, September 18th. Stifel Nicolaus initiated coverage on Immatics in a report on Tuesday. They set a “buy” rating and a $15.00 price target for the company. Finally, Jefferies Financial Group set a $17.00 price objective on shares of Immatics in a research note on Tuesday, August 25th. Seven analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Immatics has a consensus rating of “Moderate Buy” and an average target price of $19.67.

Immatics Stock Down 1.0%

The company has a fifty day moving average of $8.82 and a two-hundred day moving average of $9.72. The stock has a market capitalization of $924.02 million, a price-to-earnings ratio of -3.64 and a beta of 1.36.

Immatics (NASDAQ:IMTX) last released its quarterly earnings data on Tuesday, August 18th. The company reported ($0.53) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.06). Immatics had a negative return on equity of 47.41% and a negative net margin of 495.71%. The firm had revenue of $10.44 million for the quarter, compared to analyst estimates of $12.42 million. Equities analysts anticipate that Immatics N.V. will post -2.00 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Immatics news, Director Perceptive Advisors Llc bought 863,060 shares of the stock in a transaction on Wednesday, August 26th. The stock was 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 in the company, valued at approximately $97,732,224.04. This trade represents a 8.31% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Hedge Funds Weigh In On Immatics

Several hedge funds and other institutional investors have recently modified their holdings of the company. Doliver Advisors LP acquired a new position in shares of Immatics during the third quarter worth approximately $263,000. Tidal Investments LLC raised its stake in shares of Immatics by 0.7% during the second quarter. Tidal Investments LLC now owns 171,499 shares of the company’s stock valued at $1,737,000 after purchasing an additional 1,110 shares in the last quarter. Engineers Gate Manager LP raised its stake 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 valued at $515,000 after purchasing an additional 10,638 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Immatics by 5.5% during 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 in the last quarter. Finally, Bank of America Corp DE raised its position in shares of Immatics by 87.5% during 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 in the last quarter. Institutional investors and hedge funds own 64.41% of the company’s stock.

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.