Immatics (NASDAQ:IMTX) Trading Down 5.3% – Here’s What Happened

Shares of Immatics (NASDAQ:IMTX) dropped 5.3% on Friday . The stock traded as low as $5.01 and last traded at $5.02. Approximately 45,003 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 594,125 shares. The stock had previously closed at $5.30.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group upgraded shares of Immatics to a “strong-buy” rating in a research report on Monday, November 25th. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $16.67.

Immatics Stock Performance

The firm’s 50-day simple moving average is $5.09 and its 200 day simple moving average is $7.77. The company has a market cap of $599.17 million, a P/E ratio of -7.66 and a beta of 0.83.

Institutional Trading of Immatics

Several institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE increased its position in shares of Immatics by 166.0% in the 4th quarter. Bank of America Corp DE now owns 3,575 shares of the company’s stock valued at $25,000 after buying an additional 2,231 shares in the last quarter. Virtus ETF Advisers LLC increased its position in shares of Immatics by 34.8% in the 4th quarter. Virtus ETF Advisers LLC now owns 9,594 shares of the company’s stock valued at $68,000 after buying an additional 2,479 shares in the last quarter. Texas Capital Bank Wealth Management Services Inc bought a new stake in shares of Immatics in the 3rd quarter valued at $114,000. Quarry LP increased its position in shares of Immatics by 29.4% in the 3rd quarter. Quarry LP now owns 11,000 shares of the company’s stock valued at $126,000 after buying an additional 2,500 shares in the last quarter. Finally, Guggenheim Capital LLC bought a new stake in shares of Immatics in the 4th quarter valued at $101,000. 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.