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

Immatics (NASDAQ:IMTX) fell 3.9% on Wednesday . The stock traded as low as $5.73 and last traded at $5.74. 291,145 shares were traded during trading, a decline of 67% from the average session volume of 872,984 shares. The stock had previously closed at $5.97.

Analyst Upgrades and Downgrades

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

Immatics Stock Performance

The company has a market capitalization of $638.58 million, a PE ratio of -8.11 and a beta of 0.77. The firm’s 50-day simple moving average is $7.43 and its 200 day simple moving average is $9.90.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quarry LP lifted its position in shares of Immatics by 29.4% during the 3rd quarter. Quarry LP now owns 11,000 shares of the company’s stock valued at $126,000 after acquiring an additional 2,500 shares during the period. AlphaCentric Advisors LLC raised its holdings in 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 purchased a new stake in Immatics during the third quarter worth $114,000. Forefront Analytics LLC acquired a new stake in Immatics in the second quarter valued at $139,000. Finally, The Manufacturers Life Insurance Company increased its position in shares of Immatics by 9.3% in the third quarter. The Manufacturers Life Insurance Company now owns 164,766 shares of the company’s stock valued at $1,880,000 after buying an additional 13,997 shares in the last quarter. 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.