Immatics (NASDAQ:IMTX) Sets New 52-Week Low – Here’s What Happened

Immatics (NASDAQ:IMTX)’s stock price reached a new 52-week low on Friday . The company 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.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. The Goldman Sachs Group upgraded shares of Immatics to a “strong-buy” rating in a report on Monday, November 25th. Bank of America cut their price target on shares of Immatics from $16.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, November 19th. Finally, Piper Sandler began coverage on shares of Immatics in a research note on Monday, October 7th. They set an “overweight” rating and a $19.00 price objective for the company. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $16.67.

Immatics Price Performance

The business has a 50 day moving average of $7.77 and a 200 day moving average of $10.10. The company has a market cap of $778.20 million, a PE ratio of -9.88 and a beta of 0.77.

Institutional Investors Weigh In On Immatics

Institutional investors and hedge funds have recently modified their holdings of the stock. Frazier Life Sciences Management L.P. raised its stake in Immatics by 17.5% in the third quarter. Frazier Life Sciences Management L.P. now owns 1,354,711 shares of the company’s stock worth $15,457,000 after buying an additional 202,255 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Immatics by 1.5% in the 3rd quarter. Wellington Management Group LLP now owns 9,681,183 shares of the company’s stock worth $110,462,000 after acquiring an additional 144,549 shares in the last quarter. Texas Capital Bank Wealth Management Services Inc bought a new position in shares of Immatics in the 3rd quarter worth approximately $114,000. State Street Corp lifted its stake in shares of Immatics by 11.2% in the 3rd quarter. State Street Corp now owns 225,202 shares of the company’s stock valued at $2,570,000 after purchasing an additional 22,710 shares during the period. Finally, Quarry LP boosted its position in shares of Immatics by 29.4% during the third quarter. Quarry LP now owns 11,000 shares of the company’s stock valued at $126,000 after purchasing an additional 2,500 shares in the last quarter. 64.41% of the stock is owned by hedge funds and other institutional investors.

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.