Immatics (NASDAQ:IMTX) Reaches New 1-Year Low – What’s Next?

Immatics (NASDAQ:IMTX) hit a new 52-week low during trading on Tuesday . The company traded as low as $5.20 and last traded at $5.27, with a volume of 1416776 shares trading hands. The stock had previously closed at $5.47.

Wall Street Analysts Forecast Growth

IMTX has been the subject of a number of recent research reports. The Goldman Sachs Group upgraded Immatics to a “strong-buy” rating in a research note on Monday, November 25th. Piper Sandler initiated coverage on Immatics in a research note on Monday, October 7th. They issued an “overweight” rating and a $19.00 target price for the company. Finally, Bank of America dropped their price objective on Immatics from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, November 19th. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $16.67.

Immatics Price Performance

The firm has a 50 day simple moving average of $6.81 and a 200-day simple moving average of $9.35. The stock has a market capitalization of $629.01 million, a price-to-earnings ratio of -7.98 and a beta of 0.77.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Quarry LP grew its holdings 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 purchasing an additional 2,500 shares during the last quarter. AlphaCentric Advisors LLC grew its holdings in shares of Immatics by 25.0% during the third 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 last quarter. Texas Capital Bank Wealth Management Services Inc bought a new stake in shares of Immatics during the third quarter worth $114,000. The Manufacturers Life Insurance Company grew its holdings 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 purchasing an additional 13,997 shares during the last quarter. Finally, Algert Global LLC bought a new stake in shares of Immatics during the second quarter worth $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.