Immatics (NASDAQ:IMTX) Stock Price Up 6.7% on Analyst Upgrade

Immatics N.V. (NASDAQ:IMTX)’s share price shot up 6.7% during trading on Tuesday after Guggenheim raised their price target on the stock from $16.00 to $19.00. Guggenheim currently has a buy rating on the stock. Immatics traded as high as $10.13 and last traded at $10.1070. 346,068 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 793,910 shares. The stock had previously closed at $9.47.

Other research analysts have also issued research reports about the stock. Zacks Research upgraded shares of Immatics from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th. Mizuho set a $19.00 price target on Immatics in a research note on Wednesday, October 29th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Immatics in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Immatics currently has a consensus rating of “Moderate Buy” and an average target price of $15.75.

Institutional Trading of Immatics

A number of hedge funds have recently added to or reduced their stakes in IMTX. Alyeska Investment Group L.P. acquired a new position in shares of Immatics during the third quarter worth $2,556,000. Verition Fund Management LLC bought a new position in Immatics in the third quarter valued at about $385,000. Vestal Point Capital LP grew its holdings in shares of Immatics by 1.6% during the third quarter. Vestal Point Capital LP now owns 6,350,000 shares of the company’s stock worth $54,102,000 after purchasing an additional 100,000 shares during the last quarter. Millennium Management LLC increased its stake in shares of Immatics by 4,991.1% in the third quarter. Millennium Management LLC now owns 721,866 shares of the company’s stock valued at $6,150,000 after buying an additional 707,687 shares during the period. Finally, Baker BROS. Advisors LP raised its holdings in Immatics by 18.9% in the 3rd quarter. Baker BROS. Advisors LP now owns 12,094,094 shares of the company’s stock valued at $103,042,000 after buying an additional 1,925,193 shares during the last quarter. Institutional investors and hedge funds own 64.41% of the company’s stock.

Immatics Trading Up 7.0%

The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of -15.53 and a beta of 1.24. The firm’s 50-day moving average is $8.88 and its 200 day moving average is $6.81.

About Immatics

Immatics N.V., a clinical-stage biopharmaceutical company, focuses on the research and development of potential T cell redirecting immunotherapies for the treatment of cancer in the United States. The company is developing targeted immunotherapies with a focus on treating solid tumors through two distinct treatment modalities, such as TCR-engineered autologous or allogeneic adoptive cell therapies (ACT) and antibody-like TCR Bispecifics.