Immatics (NASDAQ:IMTX) Posts Quarterly Earnings Results, Misses Expectations By $0.06 EPS

Immatics (NASDAQ:IMTX) posted its earnings results on Tuesday. The company reported ($0.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.06), Zacks reports. Immatics had a negative net margin of 572.35% and a negative return on equity of 47.36%. The business had revenue of $10.44 million during the quarter, compared to the consensus estimate of $12.42 million.

Immatics Trading Down 1.7%

Shares of Immatics stock opened at $9.09 on Wednesday. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of -4.57 and a beta of 1.33. Immatics has a 1-year low of $5.05 and a 1-year high of $12.41. The firm’s 50-day moving average price is $9.48 and its two-hundred day moving average price is $10.06.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE increased its holdings in Immatics by 166.0% during the 4th quarter. Bank of America Corp DE now owns 3,575 shares of the company’s stock valued at $25,000 after purchasing an additional 2,231 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Immatics by 31.5% in the second quarter. JPMorgan Chase & Co. now owns 198,769 shares of the company’s stock worth $1,069,000 after purchasing an additional 47,590 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Immatics by 105.2% during the second quarter. BNP Paribas Financial Markets now owns 78,123 shares of the company’s stock worth $420,000 after purchasing an additional 40,058 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in shares of Immatics in the second quarter valued at $124,000. Finally, Sofinnova Investments Inc. increased its stake in shares of Immatics by 44.1% in the second quarter. Sofinnova Investments Inc. now owns 2,240,528 shares of the company’s stock valued at $12,054,000 after buying an additional 686,224 shares in the last quarter. 64.41% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on IMTX shares. Wall Street Zen downgraded Immatics from a “hold” rating to a “sell” rating in a report on Saturday, May 2nd. Chardan Capital restated a “buy” rating and set a $25.00 target price on shares of Immatics in a research report on Tuesday, May 19th. Weiss Ratings lowered Immatics from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, June 23rd. Finally, TD Cowen began coverage on Immatics in a research report on Tuesday, April 28th. They issued a “buy” rating on the stock. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $20.80.

Immatics Company Profile

Immatics N.V. (NASDAQ: IMTX) is a clinical-stage biotechnology company dedicated to the development of T cell receptor (TCR)-based immunotherapies for solid tumors. The company leverages its proprietary discovery and engineering platforms to identify tumor-specific peptide targets and develop therapies that harness the power of a patient’s immune system. Immatics’ approach aims to generate durable responses by guiding T cells to recognize and kill cancer cells with high precision.

At the core of Immatics’ technology suite is the XPRESIDENT® platform, which mines the cancer peptidome to uncover novel tumor antigens naturally presented on the surface of cancer cells.