Immatics (NASDAQ:IMTX) Sets New 12-Month Low – Here’s Why

Immatics (NASDAQ:IMTX) reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $6.67 and last traded at $6.68, with a volume of 203797 shares. The stock had previously closed at $6.97.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Bank of America reduced their price target on shares of 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 upgraded Immatics to a “strong-buy” rating in a research report on Monday, November 25th. Finally, Piper Sandler initiated coverage on Immatics in a report on Monday, October 7th. They issued an “overweight” rating and a $19.00 price target on the stock. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $16.67.

Immatics Price Performance

The stock has a 50 day moving average of $7.77 and a 200 day moving average of $10.10. The firm has a market cap of $778.20 million, a P/E ratio of -9.88 and a beta of 0.77.

Institutional Trading of Immatics

Several hedge funds and other institutional investors have recently bought and sold shares of IMTX. HighVista Strategies LLC bought a new stake in shares of Immatics in the 2nd quarter worth approximately $904,000. Frazier Life Sciences Management L.P. purchased a new position in Immatics in the 2nd quarter worth $13,392,000. Vestal Point Capital LP lifted its stake in Immatics by 36.4% in the third quarter. Vestal Point Capital LP now owns 3,750,000 shares of the company’s stock worth $42,788,000 after purchasing an additional 1,000,000 shares during the last quarter. abrdn plc purchased a new stake in Immatics during the third quarter valued at about $2,657,000. Finally, Wellington Management Group LLP grew its stake in shares of Immatics by 1.5% during the third quarter. Wellington Management Group LLP now owns 9,681,183 shares of the company’s stock valued at $110,462,000 after buying an additional 144,549 shares during the last quarter. 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.