Immatics (NASDAQ:IMTX) Sets New 1-Year Low – Here’s What Happened

Immatics (NASDAQ:IMTX) shares hit 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 trading hands. The stock had previously closed at $6.97.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on IMTX. Bank of America dropped 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. Piper Sandler initiated coverage on Immatics in a report on Monday, October 7th. They issued an “overweight” rating and a $19.00 price target for the company. Finally, The Goldman Sachs Group upgraded shares of Immatics to a “strong-buy” rating in a report on Monday, November 25th. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Immatics has a consensus rating of “Buy” and an average target price of $16.67.

Immatics Stock Performance

The stock has a market cap of $767.46 million, a P/E ratio of -9.74 and a beta of 0.77. The stock’s fifty day simple moving average is $7.71 and its 200-day simple moving average is $10.05.

Institutional Investors Weigh In On Immatics

Several hedge funds have recently modified their holdings of IMTX. XTX Topco Ltd bought a new position in shares of Immatics in the 2nd quarter worth about $321,000. HighVista Strategies LLC purchased a new position in shares of Immatics in the 2nd quarter worth about $904,000. Cubist Systematic Strategies LLC bought a new stake in Immatics in the second quarter valued at approximately $2,404,000. The Manufacturers Life Insurance Company grew its holdings in Immatics by 13.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 150,769 shares of the company’s stock worth $1,752,000 after acquiring an additional 18,354 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. bought a new stake in shares of Immatics in the second quarter worth about $13,392,000. Institutional investors and hedge funds own 64.41% of the company’s stock.

Immatics Company Profile

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.