Immunome (NASDAQ:IMNM) Stock Price Down 6.6% – Time to Sell?

Immunome, Inc. (NASDAQ:IMNM) shares were down 6.6% during mid-day trading on Tuesday. The stock traded as low as $19.84 and last traded at $19.7820. Approximately 448,182 shares changed hands during trading, a decline of 67% from the average daily volume of 1,350,658 shares. The stock had previously closed at $21.17.

Wall Street Analysts Forecast Growth

IMNM has been the topic of several research analyst reports. Truist Financial upped their price objective on Immunome from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Wall Street Zen cut shares of Immunome from a “sell” rating to a “strong sell” rating in a research report on Sunday. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunome in a research report on Friday, July 17th. HC Wainwright restated a “buy” rating and set a $40.00 price objective on shares of Immunome in a research report on Thursday, September 10th. Finally, Citigroup restated a “buy” rating on shares of Immunome in a research note on Thursday, July 9th. Twelve investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $34.25.

Immunome Price Performance

The stock has a market cap of $2.20 billion, a P/E ratio of -7.69 and a beta of 2.55. The business’s fifty day moving average price is $25.32 and its 200 day moving average price is $22.88.

Immunome (NASDAQ:IMNM) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.51) by ($0.14). On average, analysts predict that Immunome, Inc. will post -2.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Isaac Barchas sold 62,291 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $26.23, for a total value of $1,633,892.93. Following the transaction, the director owned 92,211 shares in the company, valued at approximately $2,418,694.53. The trade was a 40.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kinney Horn sold 90,616 shares of the business’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $25.09, for a total transaction of $2,273,555.44. Following the completion of the transaction, the insider owned 50,366 shares in the company, valued at approximately $1,263,682.94. The trade was a 64.27% decrease in their position. 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 90 days, insiders sold 223,368 shares of company stock worth $5,747,142. 7.21% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Immunome

Several institutional investors have recently made changes to their positions in IMNM. Renaissance Technologies LLC acquired a new position in Immunome during the first quarter worth $1,507,000. California State Teachers Retirement System boosted its stake in Immunome by 66.3% during the 1st quarter. California State Teachers Retirement System now owns 111,444 shares of the company’s stock valued at $2,437,000 after purchasing an additional 44,432 shares during the last quarter. Readystate Asset Management LP raised its holdings in shares of Immunome by 23.3% in the second quarter. Readystate Asset Management LP now owns 1,605,820 shares of the company’s stock valued at $34,027,000 after purchasing an additional 303,958 shares during the last quarter. Bank of America Corp DE increased its stake in Immunome by 285.6% in the 1st quarter. Bank of America Corp DE now owns 781,607 shares of the company’s stock valued at $17,094,000 after buying an additional 578,890 shares during the last quarter. Finally, The Manufacturers Life Insurance Company bought a new stake in Immunome during the second quarter worth $3,664,000. Institutional investors and hedge funds own 44.58% of the company’s stock.

Immunome Company Profile

Immunome, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing antibody-based therapeutics for cancer and immune-related diseases. The company uses its antibody discovery and development capabilities to identify potentially differentiated treatments designed to address significant unmet medical needs.

Immunome’s research activities are centered on building a pipeline of monoclonal antibody programs, including candidates directed at targets relevant to oncology and inflammatory or immune-mediated conditions.