Immatics (NASDAQ:IMTX) Reaches New 1-Year Low – Here’s Why

Immatics (NASDAQ:IMTX)’s share price hit a new 52-week low during trading on Wednesday . The company traded as low as $7.46 and last traded at $7.46, with a volume of 5999 shares trading hands. The stock had previously closed at $7.55.

Wall Street Analysts Forecast Growth

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

Immatics Price Performance

The company has a market cap of $878.46 million, a P/E ratio of -11.44 and a beta of 0.74. The business has a 50-day moving average of $8.94 and a two-hundred day moving average of $10.91.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. AlphaCentric Advisors LLC increased its position in shares of Immatics by 14.3% in the 2nd quarter. AlphaCentric Advisors LLC now owns 20,000 shares of the company’s stock valued at $232,000 after acquiring an additional 2,500 shares during the period. Quarry LP increased its holdings in Immatics by 29.4% in the third quarter. Quarry LP now owns 11,000 shares of the company’s stock valued at $126,000 after buying an additional 2,500 shares in the last quarter. Texas Capital Bank Wealth Management Services Inc acquired a new position in Immatics in the 3rd quarter worth about $114,000. Forefront Analytics LLC acquired a new position in shares of Immatics during the 2nd quarter worth approximately $139,000. Finally, The Manufacturers Life Insurance Company grew its stake in Immatics by 9.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 164,766 shares of the company’s stock valued at $1,880,000 after acquiring an additional 13,997 shares during the period. Hedge funds and other institutional investors own 64.41% of the company’s stock.

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.