Immatics (NASDAQ:IMTX) Stock Price Down 5.3% – Here’s What Happened

Immatics N.V. (NASDAQ:IMTX) dropped 5.3% during mid-day trading on Friday. The company traded as low as $8.09 and last traded at $7.9940. 68,353 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 498,593 shares. The stock had previously closed at $8.44.

Wall Street Analyst Weigh In

Several research firms have recently commented on IMTX. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immatics in a report on Friday, September 18th. Wall Street Zen upgraded Immatics from a “sell” rating to a “hold” rating in a research report on Saturday, September 26th. Finally, Jefferies Financial Group set a $17.00 price objective on Immatics in a research note on Tuesday, August 25th. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $20.60.

Immatics Trading Down 7.2%

The company’s 50-day moving average is $9.07 and its two-hundred day moving average is $9.84. The stock has a market capitalization of $1.07 billion, a P/E ratio of -4.23 and a beta of 1.36.

Immatics (NASDAQ:IMTX) last announced its earnings results on Tuesday, August 18th. The company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.06). Immatics had a negative net margin of 495.71% and a negative return on equity of 47.41%. The business had revenue of $10.44 million for the quarter, compared to the consensus estimate of $12.42 million. Sell-side analysts expect that Immatics N.V. will post -2 EPS for the current fiscal year.

Insider Buying and Selling at Immatics

In related news, Director Perceptive Advisors Llc acquired 863,060 shares of Immatics stock in a transaction that occurred on Wednesday, August 26th. The stock was acquired at an average price of $8.69 per share, with a total value of $7,499,991.40. Following the completion of the acquisition, the director directly owned 11,246,516 shares of the company’s stock, valued at $97,732,224.04. This trade represents a 8.31% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Immatics

A number of hedge funds and other institutional investors have recently made changes to their positions in IMTX. Bank of America Corp DE boosted its holdings in shares of Immatics by 87.5% in the first quarter. Bank of America Corp DE now owns 25,394 shares of the company’s stock valued at $250,000 after acquiring an additional 11,848 shares in the last quarter. Doliver Advisors LP bought a new stake in Immatics during the third quarter worth approximately $263,000. Engineers Gate Manager LP lifted its position in Immatics by 26.4% in the second quarter. Engineers Gate Manager LP now owns 50,886 shares of the company’s stock worth $515,000 after purchasing an additional 10,638 shares during the period. Y Intercept Hong Kong Ltd bought a new position in Immatics during the 1st quarter valued at $742,000. Finally, Ishara Investments LP bought a new position in Immatics during the 4th quarter valued at $840,000. 64.41% of the stock is currently owned by institutional investors.

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.