Immatics (NASDAQ:IMTX) Trading Down 5.7% – Here’s What Happened

Immatics (NASDAQ:IMTX)’s stock price dropped 5.7% during mid-day trading on Tuesday . The company traded as low as $4.27 and last traded at $4.26. Approximately 59,871 shares were traded during trading, a decline of 90% from the average daily volume of 620,936 shares. The stock had previously closed at $4.51.

Analysts Set New Price Targets

Separately, Cantor Fitzgerald reiterated an “overweight” rating on shares of Immatics in a report on Tuesday. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $16.67.

Immatics Stock Performance

The company’s 50-day moving average price is $4.89 and its 200 day moving average price is $7.29. The stock has a market capitalization of $497.71 million, a PE ratio of -6.32 and a beta of 0.83.

Immatics (NASDAQ:IMTX) last issued its quarterly earnings data on Thursday, March 27th. The company reported $0.48 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.51. Immatics had a negative net margin of 47.94% and a negative return on equity of 15.90%. The business had revenue of $15.67 million during the quarter, compared to analyst estimates of $16.16 million. Analysts expect that Immatics will post -0.72 earnings per share for the current year.

Institutional Investors Weigh In On Immatics

Several hedge funds have recently made changes to their positions in the company. Suvretta Capital Management LLC bought a new position in Immatics in the fourth quarter worth $36,014,000. T. Rowe Price Investment Management Inc. lifted its holdings in shares of Immatics by 43.7% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 10,604,777 shares of the company’s stock valued at $75,400,000 after purchasing an additional 3,225,141 shares during the last quarter. Vestal Point Capital LP boosted its position in shares of Immatics by 67.3% in the 4th quarter. Vestal Point Capital LP now owns 6,275,000 shares of the company’s stock worth $44,615,000 after purchasing an additional 2,525,000 shares in the last quarter. Braidwell LP grew its stake in shares of Immatics by 112.7% in the 4th quarter. Braidwell LP now owns 3,503,965 shares of the company’s stock worth $24,913,000 after buying an additional 1,856,400 shares during the last quarter. Finally, Paradigm Biocapital Advisors LP increased its position in Immatics by 38.7% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 5,414,409 shares of the company’s stock valued at $38,496,000 after buying an additional 1,509,547 shares in the last quarter. 64.41% of the stock is currently owned by institutional investors.

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.