Immatics (NASDAQ:IMTX) Hits New 12-Month Low - What's Next?

Immatics (NASDAQ:IMTX - Get Free Report) hit a new 52-week low during trading on Wednesday . The stock traded as low as $6.99 and last traded at $7.00, with a volume of 77336 shares changing hands. The stock had previously closed at $7.18.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Piper Sandler initiated coverage on shares of Immatics in a research report on Monday, October 7th. They set an "overweight" rating and a $19.00 price objective on the stock. Cantor Fitzgerald restated an "overweight" rating on shares of Immatics in a research note on Thursday, September 5th. Bank of America reduced their price objective on shares of Immatics from $16.00 to $15.00 and set a "buy" rating for the company in a research note on Tuesday, November 19th. Finally, The Goldman Sachs Group raised shares of Immatics to a "strong-buy" rating in a research report on Monday, November 25th. 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 an average price target of $16.67.

Immatics Stock Down 6.3 %

The business has a 50-day simple moving average of $8.52 and a 200-day simple moving average of $10.73. The stock has a market cap of $803.27 million, a P/E ratio of -10.20 and a beta of 0.74.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Quarry LP acquired a new position in Immatics during the 2nd quarter worth $99,000. Texas Capital Bank Wealth Management Services Inc acquired a new position in shares of Immatics during the 3rd quarter worth about $114,000. Forefront Analytics LLC bought a new stake in Immatics during the 2nd quarter valued at approximately $139,000. AlphaCentric Advisors LLC boosted its stake in Immatics by 14.3% during the 2nd quarter. AlphaCentric Advisors LLC now owns 20,000 shares of the company's stock valued at $232,000 after purchasing an additional 2,500 shares during the period. Finally, Algert Global LLC acquired a new stake in Immatics in the 2nd quarter valued at approximately $242,000. 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.