Immatics (NASDAQ:IMTX) Shares Gap Down Following Weak Earnings

Immatics N.V. (NASDAQ:IMTX) gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $6.42, but opened at $6.00. Immatics shares last traded at $6.43, with a volume of 162,986 shares traded.

The company reported ($0.66) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.28). Immatics had a negative net margin of 59.29% and a negative return on equity of 15.54%. The business had revenue of $6.48 million during the quarter, compared to analyst estimates of $13.05 million.

Analyst Ratings Changes

Several brokerages recently issued reports on IMTX. Deutsche Bank Aktiengesellschaft began coverage on Immatics in a research report on Wednesday, May 28th. They issued a “buy” rating and a $10.00 price target on the stock. Wall Street Zen cut Immatics from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $14.67.

Institutional Investors Weigh In On Immatics

Several institutional investors have recently modified their holdings of IMTX. Bank of America Corp DE lifted its stake in Immatics by 166.0% in the 4th quarter. Bank of America Corp DE now owns 3,575 shares of the company’s stock valued at $25,000 after buying an additional 2,231 shares in the last quarter. Virtus ETF Advisers LLC lifted its stake in Immatics by 34.8% in the 4th quarter. Virtus ETF Advisers LLC now owns 9,594 shares of the company’s stock valued at $68,000 after buying an additional 2,479 shares in the last quarter. Vontobel Holding Ltd. purchased a new stake in Immatics in the 2nd quarter valued at approximately $59,000. Guggenheim Capital LLC purchased a new stake in Immatics in the 4th quarter valued at approximately $101,000. Finally, Intellectus Partners LLC purchased a new stake in Immatics in the 1st quarter valued at approximately $70,000. Hedge funds and other institutional investors own 64.41% of the company’s stock.

Immatics Trading Down 3.3%

The business has a 50 day moving average of $6.03 and a 200-day moving average of $5.19. The stock has a market cap of $717.15 million, a PE ratio of -9.08 and a beta of 0.93.

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.