Immatics (NASDAQ:IMTX) Shares Down 5.3% - What's Next?

Shares of Immatics (NASDAQ:IMTX) fell by 5.3% on Friday, trading as low as $5.01 before closing at $5.02. During mid-day trading, around 45,003 shares changed hands, which represents a significant decline of 92% from the average daily trading volume of 594,125 shares. The previous close for the stock was $5.30.

Analysts Set New Price Targets

On a separate note, The Goldman Sachs Group recently upgraded Immatics to a "strong-buy" rating in their research report dated Monday, November 25th. Currently, four investment analysts have given the stock a buy rating, while one has categorized it as a strong buy. According to MarketBeat, the stock holds an average rating of "Buy" with an expected price target of $16.67.

Immatics Stock Performance

The company's 50-day simple moving average stands at $5.09, whereas the 200-day simple moving average is $7.77. Immatics has a market capitalization of approximately $599.17 million, with a price-to-earnings (P/E) ratio of -7.66 and a beta of 0.83, indicating relatively less volatility compared to the market.

Institutional Trading of Immatics

Recently, several institutional investors and hedge funds have adjusted their stakes in Immatics. Bank of America Corp DE increased its position in the company by an impressive 166.0% in the fourth quarter, owning 3,575 shares valued at $25,000 after acquiring an additional 2,231 shares. Similarly, Virtus ETF Advisers LLC raised its stake by 34.8%, owning 9,594 shares worth $68,000, after purchasing an extra 2,479 shares. Texas Capital Bank Wealth Management Services Inc made a new investment in Immatics valued at $114,000. Quarry LP also escalated its position by 29.4% in the third quarter, now holding 11,000 shares valued at $126,000. Lastly, Guggenheim Capital LLC has acquired a new stake in the company worth $101,000 in the fourth quarter. Overall, institutional investors control about 64.41% of Immatics's stock.

About Immatics

Immatics N.V. is a clinical-stage biopharmaceutical firm that specializes in developing innovative T cell redirecting immunotherapies aimed at treating cancer in the United States. The company is focused on creating targeted immunotherapies to combat solid tumors utilizing two primary treatment approaches: TCR-engineered autologous or allogeneic adoptive cell therapies (ACT) and antibody-like TCR bispecifics.

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