Immatics (NASDAQ:IMTX) Shares Down 3.9% – Here’s Why

Immatics (NASDAQ:IMTX)’s share price traded down 3.9% on Wednesday . The stock traded as low as $5.73 and last traded at $5.74. 291,145 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 872,984 shares. The stock had previously closed at $5.97.

Analysts Set New Price Targets

IMTX has been the subject of several recent analyst reports. The Goldman Sachs Group raised Immatics to a “strong-buy” rating in a research note on Monday, November 25th. Piper Sandler began coverage on Immatics in a research report on Monday, October 7th. They set an “overweight” rating and a $19.00 price objective for the company. Finally, Bank of America decreased their target price on shares of Immatics from $16.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, November 19th. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $16.67.

Immatics Stock Down 3.0 %

The firm has a 50-day moving average price of $7.58 and a 200 day moving average price of $9.96. The firm has a market capitalization of $691.07 million, a PE ratio of -8.77 and a beta of 0.77.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Quarry LP increased its position in shares of Immatics by 29.4% during the third quarter. Quarry LP now owns 11,000 shares of the company’s stock worth $126,000 after acquiring an additional 2,500 shares during the period. AlphaCentric Advisors LLC increased its holdings in Immatics by 25.0% during the 3rd quarter. AlphaCentric Advisors LLC now owns 25,000 shares of the company’s stock worth $285,000 after purchasing an additional 5,000 shares during the period. Texas Capital Bank Wealth Management Services Inc acquired a new stake in Immatics in the 3rd quarter valued at about $114,000. Forefront Analytics LLC purchased a new position in shares of Immatics in the 2nd quarter valued at about $139,000. Finally, The Manufacturers Life Insurance Company grew its position in shares of Immatics by 9.3% during the third quarter. The Manufacturers Life Insurance Company now owns 164,766 shares of the company’s stock worth $1,880,000 after buying an additional 13,997 shares in the last quarter. Hedge funds and other institutional investors own 64.41% of the company’s stock.

Immatics Company Profile

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.