Immunome (NASDAQ:IMNM) Shares Gap Down on Disappointing Earnings

Immunome, Inc. (NASDAQ:IMNM)’s share price gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $26.25, but opened at $25.23. Immunome shares last traded at $26.3240, with a volume of 124,396 shares changing hands.

The company reported ($0.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.14).

Analyst Ratings Changes

A number of equities analysts have recently issued reports on IMNM shares. Wedbush reiterated an “outperform” rating on shares of Immunome in a research report on Wednesday. Leerink Partners lowered their price target on shares of Immunome from $37.00 to $33.00 and set an “outperform” rating for the company in a report on Friday, May 15th. Citigroup restated a “buy” rating on shares of Immunome in a research report on Thursday, July 9th. Barclays assumed coverage on Immunome in a report on Thursday, May 28th. They set an “overweight” rating and a $36.00 price objective on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunome in a research report on Friday, July 17th. Twelve research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $34.18.

Insider Buying and Selling

In related news, insider Robert Lechleider sold 55,000 shares of Immunome stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $19.85, for a total transaction of $1,091,750.00. Following the completion of the sale, the insider directly owned 15,805 shares of the company’s stock, valued at $313,729.25. The trade was a 77.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Max Rosett sold 60,000 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $18.23, for a total value of $1,093,800.00. Following the transaction, the chief financial officer owned 54,037 shares of the company’s stock, valued at $985,094.51. The trade was a 52.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 598,846 shares of company stock worth $13,476,656. Company insiders own 7.21% of the company’s stock.

Hedge Funds Weigh In On Immunome

Several institutional investors and hedge funds have recently modified their holdings of IMNM. Allworth Financial LP acquired a new position in Immunome during the 2nd quarter worth approximately $25,000. KBC Group NV acquired a new stake in shares of Immunome in the first quarter valued at approximately $60,000. BNP Paribas Financial Markets raised its holdings in shares of Immunome by 81.8% in the second quarter. BNP Paribas Financial Markets now owns 6,464 shares of the company’s stock valued at $60,000 after purchasing an additional 2,909 shares during the last quarter. Strs Ohio bought a new stake in shares of Immunome in the fourth quarter worth $64,000. Finally, Tower Research Capital LLC TRC boosted its holdings in Immunome by 121.2% during the second quarter. Tower Research Capital LLC TRC now owns 6,938 shares of the company’s stock worth $65,000 after purchasing an additional 3,802 shares during the last quarter. 44.58% of the stock is currently owned by institutional investors and hedge funds.

Immunome Price Performance

The business’s 50-day moving average is $21.73 and its two-hundred day moving average is $22.18. The firm has a market cap of $2.98 billion, a P/E ratio of -11.02 and a beta of 2.07.

Immunome Company Profile

Immunome, Inc is a clinical-stage biotechnology company focused on discovering and developing novel antibody-based therapeutics for oncology and infectious diseases. The company leverages a proprietary platform that mines the natural B-cell repertoire of patients with active disease to identify fully human monoclonal antibodies with unique mechanisms of action. Immunome’s approach is designed to uncover antibodies that engage the immune system in ways that traditional discovery methods may miss, enabling the development of therapies with potential for improved efficacy and safety profiles.

The company’s lead oncology program, IMM-BCP-01, is a multi-antibody cocktail currently in early-stage clinical trials targeting breast cancer antigens.