Immatics (NASDAQ:IMTX) Stock Price Down 5.7% – What’s Next?

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

Analyst Ratings Changes

Separately, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immatics in a research report on Tuesday. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $16.67.

Immatics Price Performance

The stock has a market cap of $512.04 million, a price-to-earnings ratio of -6.55 and a beta of 0.83. The company’s fifty day moving average price is $4.94 and its 200-day moving average price is $7.37.

Immatics (NASDAQ:IMTX) last issued its quarterly earnings results on Thursday, March 27th. The company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $16.16 million. On average, sell-side analysts forecast that Immatics will post -0.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Immatics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company raised its stake in shares of Immatics by 9.3% in the third quarter. The Manufacturers Life Insurance Company now owns 164,766 shares of the company’s stock worth $1,880,000 after purchasing an additional 13,997 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in Immatics during the third quarter worth $298,000. Quarry LP grew its position in shares of Immatics by 29.4% during the 3rd quarter. Quarry LP now owns 11,000 shares of the company’s stock valued at $126,000 after acquiring an additional 2,500 shares during the period. State Street Corp grew its holdings in Immatics by 11.2% in the third quarter. State Street Corp now owns 225,202 shares of the company’s stock valued at $2,570,000 after purchasing an additional 22,710 shares during the period. Finally, Texas Capital Bank Wealth Management Services Inc purchased a new stake in shares of Immatics in the third quarter valued at approximately $114,000. Hedge funds and other institutional investors own 64.41% of the company’s stock.

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.