Immatics (NASDAQ:IMTX) Reaches New 52-Week Low – Time to Sell?

Immatics (NASDAQ:IMTX)’s stock price reached a new 52-week low on Wednesday . The company traded as low as $5.27 and last traded at $5.29, with a volume of 164475 shares changing hands. The stock had previously closed at $5.40.

Analyst Upgrades and Downgrades

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

Immatics Stock Performance

The firm has a market capitalization of $649.32 million, a P/E ratio of -8.21 and a beta of 0.77. The firm has a 50 day simple moving average of $7.22 and a two-hundred day simple moving average of $9.73.

Institutional Investors Weigh In On Immatics

Large investors have recently added to or reduced their stakes in the company. Perceptive Advisors LLC lifted its position in Immatics by 76.5% in the 2nd quarter. Perceptive Advisors LLC now owns 8,086,159 shares of the company’s stock worth $93,961,000 after buying an additional 3,503,750 shares during the last quarter. Braidwell LP purchased a new position in Immatics in the third quarter worth about $18,799,000. Frazier Life Sciences Management L.P. purchased a new position in shares of Immatics during the 2nd quarter valued at about $13,392,000. Vestal Point Capital LP raised its stake in Immatics by 36.4% during the 3rd quarter. Vestal Point Capital LP now owns 3,750,000 shares of the company’s stock valued at $42,788,000 after purchasing an additional 1,000,000 shares during the period. Finally, abrdn plc bought a new stake in Immatics in the 3rd quarter worth approximately $2,657,000. Hedge funds and other institutional investors own 64.41% of the company’s stock.

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.