Wall Street Zen Upgrades Immatics (NASDAQ:IMTX) to Hold

Immatics (NASDAQ:IMTX) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday, Wall Street Zen reports.

Other equities analysts have also issued research reports about the stock. Jefferies Financial Group set a $17.00 target price on shares of Immatics in a research report on Tuesday, August 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immatics in a research note on Friday, September 18th. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $20.60.

Immatics Stock Performance

Shares of NASDAQ IMTX opened at $8.37 on Friday. Immatics has a 12-month low of $7.10 and a 12-month high of $12.41. The company has a market cap of $1.14 billion, a PE ratio of -4.50 and a beta of 1.33. The stock has a 50 day simple moving average of $9.13 and a 200-day simple moving average of $9.88.

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

Insider Activity

In related news, Director Perceptive Advisors Llc bought 863,060 shares of the business’s stock in a transaction dated Wednesday, August 26th. The shares were bought at an average cost of $8.69 per share, with a total value of $7,499,991.40. Following the completion of the transaction, the director directly owned 11,246,516 shares of the company’s stock, valued at approximately $97,732,224.04. This trade represents a 8.31% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Hedge Funds Weigh In On Immatics

A number of hedge funds and other institutional investors have recently modified their holdings of IMTX. Sofinnova Investments Inc. grew its holdings in Immatics by 54.2% during the fourth quarter. Sofinnova Investments Inc. now owns 3,435,542 shares of the company’s stock valued at $36,073,000 after purchasing an additional 1,207,705 shares during the last quarter. Perceptive Advisors LLC raised its position in shares of Immatics by 10.7% in the fourth quarter. Perceptive Advisors LLC now owns 10,383,456 shares of the company’s stock valued at $109,026,000 after purchasing an additional 1,000,000 shares during the period. Troluce Capital Advisors LLC acquired a new stake in shares of Immatics in the first quarter worth $2,460,000. Monashee Investment Management LLC acquired a new stake in shares of Immatics in the fourth quarter worth $1,684,000. Finally, Wellington Management Group LLP boosted its holdings in shares of Immatics by 5.5% during the 2nd quarter. Wellington Management Group LLP now owns 1,647,852 shares of the company’s stock worth $16,693,000 after buying an additional 85,960 shares during the period. Institutional investors and hedge funds own 64.41% of the company’s stock.

Immatics Company Profile

Immatics N.V. is a biopharmaceutical company focused on developing T cell receptor (TCR)-based therapies for cancer. The company aims to identify cancer targets that are presented on the surface of tumor cells and develop treatments that enable T cells to recognize and attack those cells, including targets that may be difficult to address with conventional antibody-based medicines.

Immatics’ technology platforms support two primary approaches: TCR-engineered T-cell therapies, known as TCR-T, and TCR-based bispecific molecules designed to direct patients’ T cells toward tumor cells.