Immatics (NASDAQ:IMTX) Reaches New 1-Year Low Following Analyst Downgrade

Immatics (NASDAQ:IMTX) hit a new 52-week low on Wednesday after Bank of America lowered their price target on the stock from $16.00 to $15.00. Bank of America currently has a buy rating on the stock. Immatics traded as low as $7.63 and last traded at $7.63, with a volume of 33589 shares trading hands. The stock had previously closed at $7.81.

A number of other brokerages have also commented on IMTX. Piper Sandler initiated coverage on Immatics in a report on Monday, October 7th. They set an “overweight” rating and a $19.00 price target on the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of Immatics in a report on Thursday, September 5th.

Hedge Funds Weigh In On Immatics

Several institutional investors and hedge funds have recently modified their holdings of the business. Quarry LP acquired a new stake in Immatics during the second quarter worth approximately $99,000. Texas Capital Bank Wealth Management Services Inc bought a new stake in shares of Immatics during the third quarter worth $114,000. Forefront Analytics LLC acquired a new stake in Immatics during the 2nd quarter worth approximately $139,000. AlphaCentric Advisors LLC raised its position in Immatics by 14.3% during the 2nd quarter. AlphaCentric Advisors LLC now owns 20,000 shares of the company’s stock worth $232,000 after purchasing an additional 2,500 shares during the last quarter. Finally, Algert Global LLC acquired a new stake in Immatics during the 2nd quarter worth about $242,000. 64.41% of the stock is currently owned by institutional investors and hedge funds.

Immatics Stock Down 0.1 %

The stock has a market capitalization of $930.98 million, a P/E ratio of -8.76 and a beta of 0.78. The firm’s 50 day simple moving average is $10.10 and its two-hundred day simple moving average is $11.20.

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.