Immatics (NASDAQ:IMTX) Reaches New 1-Year Low – Time to Sell?

Immatics (NASDAQ:IMTX)’s stock price hit a new 52-week low during trading on Wednesday . The stock traded as low as $6.99 and last traded at $7.00, with a volume of 77336 shares. The stock had previously closed at $7.18.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on IMTX shares. The Goldman Sachs Group upgraded Immatics to a “strong-buy” rating in a research report on Monday, November 25th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Immatics in a research report on Thursday, September 5th. Bank of America reduced their price target on Immatics from $16.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, November 19th. Finally, Piper Sandler began coverage on shares of Immatics in a report on Monday, October 7th. They issued an “overweight” rating and a $19.00 price objective for the company. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $16.67.

Immatics Price Performance

The stock has a market capitalization of $812.81 million, a price-to-earnings ratio of -10.32 and a beta of 0.74. The firm has a 50-day moving average of $8.60 and a 200 day moving average of $10.76.

Institutional Investors Weigh In On Immatics

Several hedge funds have recently bought and sold shares of IMTX. Quarry LP acquired a new stake in Immatics during the second quarter worth approximately $99,000. Texas Capital Bank Wealth Management Services Inc acquired a new position in shares of Immatics during the third quarter worth $114,000. Forefront Analytics LLC bought a new position in Immatics in the 2nd quarter valued at approximately $139,000. AlphaCentric Advisors LLC raised its position in Immatics by 14.3% during the 2nd quarter. AlphaCentric Advisors LLC now owns 20,000 shares of the company’s stock worth $232,000 after purchasing an additional 2,500 shares during the last quarter. Finally, Algert Global LLC acquired a new position in shares of Immatics in the 2nd quarter worth approximately $242,000. 64.41% of the stock is currently owned by institutional investors and hedge funds.

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.