Immatics (NASDAQ:IMTX) Shares Gap Up – Should You Buy?

Immatics N.V. (NASDAQ:IMTX)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $10.26, but opened at $10.71. Immatics shares last traded at $10.2410, with a volume of 146,005 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on IMTX. TD Cowen began coverage on shares of Immatics in a research note on Tuesday, April 28th. They issued a “buy” rating on the stock. Weiss Ratings cut shares of Immatics from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, June 23rd. Chardan Capital restated a “buy” rating and set a $25.00 price target on shares of Immatics in a research report on Tuesday, May 19th. Wall Street Zen lowered shares of Immatics from a “hold” rating to a “sell” rating in a research note on Saturday, May 2nd. Finally, Jefferies Financial Group initiated coverage on Immatics in a report on Monday, March 16th. They issued a “buy” rating and a $18.00 price objective on the stock. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Immatics has an average rating of “Moderate Buy” and a consensus price target of $20.80.

Immatics Price Performance

The stock’s fifty day moving average price is $10.43 and its 200-day moving average price is $10.18. The firm has a market cap of $1.33 billion, a PE ratio of -5.00 and a beta of 1.32.

Immatics (NASDAQ:IMTX) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.08). Immatics had a negative return on equity of 47.36% and a negative net margin of 572.35%.The business had revenue of $8.81 million for the quarter, compared to analyst estimates of $9.79 million. On average, sell-side analysts anticipate that Immatics N.V. will post -1.67 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Immatics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new position in Immatics during the fourth quarter worth $2,189,000. Baker BROS. Advisors LP raised its holdings in shares of Immatics by 18.9% during the 3rd quarter. Baker BROS. Advisors LP now owns 12,094,094 shares of the company’s stock worth $103,042,000 after acquiring an additional 1,925,193 shares during the period. Jefferies Financial Group Inc. purchased a new position in shares of Immatics during the 3rd quarter worth $10,181,000. Sofinnova Investments Inc. boosted its position in shares of Immatics by 54.2% during the 4th quarter. Sofinnova Investments Inc. now owns 3,435,542 shares of the company’s stock valued at $36,073,000 after acquiring an additional 1,207,705 shares during the last quarter. Finally, Monashee Investment Management LLC purchased a new stake in shares of Immatics in the fourth quarter valued at about $1,684,000. Institutional investors and hedge funds own 64.41% of the company’s stock.

Immatics Company Profile

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.