Immatics N.V. (IMTX)
NASDAQ:IMTX
Want to see IMTX full AI Analyst Report?
Top Page
Immatics
(NASDAQ:IMTX)
Select Model
Select Model
Rating:47Neutral
Price Target:
$10.50
▼(-6.00% Downside)
Action:Reiterated
Date:05/14/26
The score is primarily held back by weak financial performance—sharp TTM revenue contraction, very large losses, and significant cash burn—despite a strong low-leverage balance sheet. Technicals are neutral-to-slightly positive over the longer term but soft in the near term, and valuation remains challenged due to ongoing losses and no dividend support.
Positive Factors
Low leverage / strong balance sheet
Extremely low leverage provides durable financial flexibility to fund multi-year, capital-intensive clinical programs without immediate refinancing pressure. This reduces short-term insolvency risk, enables strategic R&D investment choices, and supports milestone-driven development through pivotal readouts.
Negative Factors
Sustained negative cash flow
Large, sustained operating and free cash outflows materially elevate funding risk for ongoing trials and commercialization activities. Over time this necessitates external financing or partnerships, increasing dilution or dependency on collaborators and constraining optionality for independent program advancement.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
Extremely low leverage provides durable financial flexibility to fund multi-year, capital-intensive clinical programs without immediate refinancing pressure. This reduces short-term insolvency risk, enables strategic R&D investment choices, and supports milestone-driven development through pivotal readouts.
Read all positive factors
Immatics (IMTX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.56B
Dividend YieldN/A
Average Volume (3M)453.41K
Price to Earnings (P/E)―
Beta (1Y)1.35
Revenue Growth-72.09%
EPS Growth-754.83%
CountryUS
Employees554
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.71
Shares Outstanding134,096,570
10 Day Avg. Volume605,078
30 Day Avg. Volume453,413
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)2.26
Price to Sales (P/S)22.65
P/FCF Ratio-6.21
Enterprise Value/Market Cap0.68
Enterprise Value/Revenue28.32
Enterprise Value/Gross Profit28.32
Enterprise Value/Ebitda-4.98
Forecast
1Y Price Target
$19.03Price Target Upside70.35% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)-1.68
Revenue Forecast (FY)$37.35M
Immatics Business Overview & Revenue Model
Company Description
Immatics N.V., a clinical-stage biopharmaceutical company, focuses on the discovery and development of T cell receptor (TCR) based immunotherapies for the treatment of cancer in the United States. The company is developing targeted immunotherapies...
How the Company Makes Money
Immatics does not primarily generate revenue from product sales because it is a clinical-stage company; instead, it makes money mainly through collaboration and license arrangements with larger biopharmaceutical partners. Revenue is typically gene...
Immatics Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
74
Positive
Cash Flow
31
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 37.30M | 48.27M | 155.84M | 54.00M | 172.83M | 34.76M |
| Gross Profit | 37.30M | 48.27M | 155.84M | -64.67M | 66.05M | -52.81M |
| EBITDA | -211.98M | -185.09M | 34.46M | -88.93M | 50.04M | -87.30M |
| Net Income | -215.36M | -196.45M | 15.22M | -96.99M | 37.51M | -95.06M |
Balance Sheet | ||||||
| Total Assets | 543.83M | 562.10M | 696.15M | 509.96M | 407.82M | 174.65M |
| Cash, Cash Equivalents and Short-Term Investments | 454.04M | 469.14M | 604.45M | 425.89M | 362.20M | 145.12M |
| Total Debt | 15.10M | 15.63M | 16.20M | 15.40M | 14.56M | 9.85M |
| Total Liabilities | 87.55M | 78.20M | 121.30M | 284.88M | 194.66M | 150.58M |
| Stockholders Equity | 456.28M | 483.89M | 574.84M | 225.08M | 213.16M | 24.06M |
Cash Flow | ||||||
| Free Cash Flow | -188.49M | -175.95M | -174.51M | -12.73M | 93.92M | -87.44M |
| Operating Cash Flow | -184.13M | -169.66M | -158.03M | 18.23M | 100.13M | -81.78M |
| Investing Cash Flow | 128.77M | 196.70M | -152.39M | -31.39M | -209.79M | 7.49M |
| Financing Cash Flow | 118.48M | 93.51M | 319.68M | 84.52M | 123.71M | -2.61M |
Immatics Technical Analysis
Positive
11.17
Price Trends
10.62
Positive
10.25
Positive
9.42
Positive
Market Momentum
0.11
Positive
58.24
Neutral
64.94
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMTX, the sentiment is Positive. The current price of 11.17 is above the 20-day moving average (MA) of 11.15, above the 50-day MA of 10.62, and above the 200-day MA of 9.42, indicating a bullish trend. The MACD of 0.11 indicates Positive momentum. The RSI at 58.24 is Neutral, neither overbought nor oversold. The STOCH value of 64.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IMTX.
Immatics Risk Analysis
Immatics disclosed 84 risk factors in its most recent earnings report. Immatics reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Changes in the tax laws, or in their interpretation or enforcement, could have a material adverse effect on our financial condition and results of operations. Q4, 2023
Immatics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
52 Neutral | $2.59B | -6.10 | -43.94% | ― | 39.04% | 29.88% | |
52 Neutral | $2.93B | -16.50 | -41.54% | ― | 39.04% | 32.40% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $2.45B | -11.49 | -51.15% | ― | -63.29% | 25.39% | |
47 Neutral | $1.56B | -4.88 | -45.47% | ― | -72.09% | -754.83% | |
47 Neutral | $821.15M | -68.46 | -28.90% | ― | 68.64% | 50.57% | |
43 Neutral | $854.36M | -4.22 | -161.87% | ― | ― | -6.15% |
* Healthcare Sector Average
IMTX
Immatics
11.62
6.51
127.40%
GERN
Geron
1.28
-0.17
-11.72%
RLAY
Relay Therapeutics
13.53
10.68
374.74%
TNGX
Tango Therapeutics
20.24
18.19
887.32%
IMNM
Immunome
21.66
13.06
151.86%
SANA
Sana Biotechnology
3.07
1.07
53.50%
Immatics Corporate Events
Immatics Widens Q1 2026 Loss as Collaboration Revenue Drops, R&D Spend Climbs
May 12, 2026
On May 12, 2026, Immatics filed a Form 6-K with the U.S. SEC and released an unaudited interim report for the three months ended March 31, 2026, along with its first-quarter financial results and business update. The filing incorporates the interi...
Immatics Secures Four High-Profile Oral Slots for PRAME and Bispecific Programs at 2026 ASCO
Apr 21, 2026
On April 21, 2026, Immatics announced that all four abstracts it submitted to the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting have been selected for oral presentations in Chicago, underscoring strong scientific visibility for ...
Immatics Highlights PRAME-Targeted Cell Therapy Remission in Pediatric Kidney Cancer, Plans Pediatric Trial Expansion
Apr 17, 2026
On April 17, 2026, Immatics reported that an individual experimental PRAME-directed TCR T-cell therapy, using its IMA203CD8-encoded receptor, induced a deep and durable remission in a 17-year-old with advanced, metastatic nephroblastoma treated at...
Immatics Confirms 2027 Anzu-cel Launch Timeline as PRAME Franchise and Cash Runway Advance
Mar 5, 2026
On March 5, 2026, Immatics reported its full-year 2025 results and outlined progress across its PRAME-franchise programs, led by anzu-cel, which is in the global Phase 3 SUPRAME trial for previously treated advanced cutaneous melanoma and holds U....
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.