Immatics (NASDAQ:IMTX) Shares Gap Up on Earnings Beat

Immatics (NASDAQ:IMTX)’s stock price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $4.53, but opened at $4.82. Immatics shares last traded at $4.74, with a volume of 256,808 shares trading hands.

The company reported $0.48 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.51. Immatics had a negative net margin of 47.94% and a negative return on equity of 15.90%. The company had revenue of $15.67 million for the quarter, compared to analyst estimates of $16.16 million.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Bank of America Corp DE boosted its position in Immatics by 166.0% during the fourth quarter. Bank of America Corp DE now owns 3,575 shares of the company’s stock worth $25,000 after purchasing an additional 2,231 shares during the period. Virtus ETF Advisers LLC lifted its stake in shares of Immatics by 34.8% during the 4th quarter. Virtus ETF Advisers LLC now owns 9,594 shares of the company’s stock worth $68,000 after buying an additional 2,479 shares during the last quarter. Guggenheim Capital LLC bought a new stake in shares of Immatics during the 4th quarter worth about $101,000. Forefront Analytics LLC grew its stake in Immatics by 42.3% in the 4th quarter. Forefront Analytics LLC now owns 15,911 shares of the company’s stock valued at $113,000 after buying an additional 4,731 shares during the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc bought a new position in Immatics in the 3rd quarter valued at about $114,000. 64.41% of the stock is owned by institutional investors and hedge funds.

Immatics Price Performance

The stock has a market capitalization of $552.62 million, a price-to-earnings ratio of -7.02 and a beta of 0.83. The company’s 50-day simple moving average is $4.96 and its 200-day simple moving average is $7.49.

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.