Immatics (IMTX) AI Stock Analysis

• Market Cap: $549.41M
• Dividend Yield: N/A
• Average Volume (3M): 783.42K
• Price to Earnings (P/E): 56.1
• Beta (1Y): 1.54
• Revenue Growth: 188.64%
• EPS Growth: N/A
• Country: US
• Employees: 554
• Sector: Healthcare
• Sector Strength: 69
• Industry: Biotechnology
• EPS (TTM): 0.08
• Shares Outstanding: 121,550,170
• 10 Day Avg. Volume: 361,940
• 30 Day Avg. Volume: 783,420
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): 8.75
• Price to Cash Flow (P/CF): N/A
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $15.50
• Price Target Upside: 242.92% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3

Immatics faces significant financial challenges, with strong revenue growth offset by ongoing operational and cash flow issues, affecting its overall financial performance. Technical indicators suggest potential downward momentum. The high P/E ratio indicates elevated growth expectations, but the lack of dividends and high valuation may deter some investors. The absence of recent earnings call or corporate events data provides limited additional insights into the stock's performance.

Positive Factors

Financial Position

IMTX ended 4Q24 with $628.0M in cash and equivalents, providing a cash runway into 2H27.

Partnerships

Immatics N.V. continues to have ongoing partnerships with Editas Medicine and Moderna Therapeutics, which investors may view as an important source of external validation.

Pipeline Development

IMTX confirmed that the Phase III SUPRAME study evaluating IMA203 in cutaneous melanoma has started to enroll patients and remains on track to complete enrollment by the end of 2026.

Negative Factors

Collaboration Termination

The termination by Bristol Myers Squibb of a collaboration with Immatics N.V. is seen as an incremental negative for the stock.

Non-melanoma Tumor Response

No ongoing responses in non-melanoma tumors.

Stock Performance

IMTX shares dropped 16%, suspected to be related to the surprising decision to announce an equity financing.

Immatics Business Overview & Revenue Model

Company Description

Immatics N.V. (IMTX) is a biotechnology company specializing in the development of novel T-cell receptor (TCR)-based immunotherapies for the treatment of cancer. The company operates primarily in the biomedical research and pharmaceuticals sectors, focusing on the discovery and development of therapies that harness the immune system to target and destroy cancer cells. Immatics is particularly engaged in the development of ACTengine®, a personalized cellular therapy, and XPRESIDENT®, a platform for the identification of novel cancer targets.

How the Company Makes Money

Immatics makes money primarily through a combination of research and development collaborations, licensing agreements, and milestone payments from its strategic partnerships with pharmaceutical companies. These partnerships often involve the co-development of TCR-based therapies where Immatics receives upfront payments, research funding, and potential future royalties based on sales if the therapies are successfully commercialized. Additionally, the company may earn revenue through government grants and funding for specific research initiatives. The success of its revenue model is largely dependent on the progress of its clinical trials and the ability to bring its therapies to market.

Immatics Financial Statement Overview

Summary

Immatics is experiencing financial difficulties typical of biotech firms. Despite strong revenue growth of 188.5%, profitability challenges persist with a net profit margin of 9.8% and negative EBIT margin of -24.8%. The balance sheet is strong with a low debt-to-equity ratio of 0.03 and an equity ratio of 82.6%, but low return on equity at 2.6% indicates limited profitability. Additionally, cash flow issues are significant with negative free cash flow and a reliance on external funding.

Income Statement

Immatics has shown significant volatility in its income statement. The revenue growth from 2023 to 2024 was substantial at 188.5%, but profitability remains an issue with a net profit margin of 9.8% in 2024, despite the previous year's net loss. The gross profit margin improved drastically from negative to 100% in 2024, indicating effective cost management. However, the negative EBIT margin of -24.8% highlights ongoing operational challenges.

Balance Sheet

The balance sheet of Immatics indicates strong equity and liquidity positions with a debt-to-equity ratio of 0.03, which is low for the industry. The equity ratio improved significantly to 82.6% in 2024, reflecting a solid foundation. However, the company's return on equity of 2.6% suggests limited profitability relative to its equity base.

Cash Flow

Immatics faces challenges in generating positive cash flow, as seen in the negative free cash flow of -$174.5 million in 2024, a deterioration from previous years. The operating cash flow to net income ratio is negative, indicating inefficiencies in cash generation from operations. The reliance on financing activities highlights a need for external funding.

Breakdown
Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
155.84M	54.00M	172.83M	34.76M	31.25M
	Gross Profit
155.84M	-64.67M	66.05M	-52.81M	-35.83M
	EBIT
-38.62M	-101.72M	29.95M	-86.29M	-69.72M
	EBITDA
34.46M	-88.93M	50.04M	-83.56M	-64.44M
	Net Income Common Stockholders
15.22M	-96.99M	37.51M	-95.06M	-229.35M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
604.45M	425.89M	362.20M	145.12M	231.98M
	Total Assets
696.15M	509.96M	407.82M	174.65M	254.65M
	Total Debt
16.20M	15.40M	14.56M	9.85M	6.19M
	Net Debt
-220.54M	-203.07M	-133.96M	-123.14M	-201.34M
	Total Liabilities
121.30M	284.88M	194.66M	150.58M	150.39M
	Stockholders Equity
574.84M	225.08M	213.16M	24.06M	104.26M
Cash Flow		Free Cash Flow
-174.51M	-12.73M	93.92M	-87.44M	-93.13M
	Operating Cash Flow
-158.03M	18.23M	100.13M	-81.78M	-85.61M
	Investing Cash Flow
-152.39M	-31.39M	-209.79M	7.49M	-15.95M
	Financing Cash Flow
319.68M	84.52M	123.71M	-2.61M	207.88M

Immatics Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 4.52
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMTX, the sentiment is Neutral. The current price of 4.52 is above the 20-day moving average (MA) of 4.16, above the 50-day MA of 4.48, and below the 200-day MA of 8.12, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 53.25 is Neutral, neither overbought nor oversold. The STOCH value of 81.25 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IMTX.

Immatics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$5.31B	3.39	-40.42%	2.90%	18.11%	2.25%
SVRA	46 Neutral	$548.97M	―	-61.50%	―	―	-44.25%
BCYC	46 Neutral	$581.50M	―	-29.06%	―	30.27%	44.12%
QURE	46 Neutral	$766.81M	―	-238.46%	―	71.17%	23.89%
KURA	44 Neutral	$519.40M	―	-42.91%	―	―	2.90%
IMTX	44 Neutral	$549.41M	56.08	3.73%	―	188.64%	―
COGT	37 Underperform	$528.29M	―	-99.54%	―	―	-2.53%