Immatics (NASDAQ:IMTX) Stock Price Down 5.3% - Here's Why

Shares of Immatics (NASDAQ:IMTX - Get Free Report) dropped 5.3% on Friday . The stock traded as low as $5.01 and last traded at $5.02. Approximately 45,003 shares changed hands 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.

Wall Street Analysts Forecast Growth

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

Immatics Stock Performance

The company has a market cap of $558.59 million, a P/E ratio of -7.09 and a beta of 0.83. The stock has a 50 day moving average price of $5.01 and a 200 day moving average price of $7.58.

Institutional Investors Weigh In On Immatics

Hedge funds and other institutional investors have recently bought and sold shares of the business. abrdn plc grew its stake in shares of Immatics by 49.2% in the 4th quarter. abrdn plc now owns 347,379 shares of the company's stock worth $2,470,000 after purchasing an additional 114,479 shares during the last quarter. Vestal Point Capital LP boosted its holdings in Immatics by 36.4% during the third quarter. Vestal Point Capital LP now owns 3,750,000 shares of the company's stock worth $42,788,000 after buying an additional 1,000,000 shares in the last quarter. Wellington Management Group LLP grew its position in Immatics by 1.5% in the third quarter. Wellington Management Group LLP now owns 9,681,183 shares of the company's stock worth $110,462,000 after buying an additional 144,549 shares during the last quarter. Frazier Life Sciences Management L.P. increased its holdings in shares of 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 valued at $15,457,000 after buying an additional 202,255 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of Immatics by 11.2% in the third quarter. State Street Corp now owns 225,202 shares of the company's stock valued at $2,570,000 after buying an additional 22,710 shares in the last quarter. 64.41% of the stock is currently owned by 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.