Immatics N.V. (IMTX)
NASDAQ:IMTX
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Immatics
(NASDAQ:IMTX)
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Rating:44Neutral
Price Target:
$8.50
▼(-23.90% Downside)
Action:Reiterated
Date:06/03/26
IMTX scores low primarily due to deteriorating operating performance and heavy cash burn (declining TTM revenue, very large losses, and deeply negative operating/free cash flow). Technicals also lean bearish with the stock trading below key short-to-intermediate moving averages and a weak RSI. The main support is a strong, low-leverage balance sheet, but current profitability and cash flow pressures dominate.
Positive Factors
Proprietary target-discovery platform & clinical progress
Immatics’ XPRESIDENT-driven programs (exemplified by IMA401 published in Nature Medicine) reflect platform-enabled target selection and clinical proof-of-concept. Durable responses and tolerability at RP2D materially de-risk programs and strengthen long-term pipeline value and partner interest.
Negative Factors
High cash burn and negative cash flow
Sustained negative operating and free cash flow at ~-$184M to -$188M TTM indicates heavy cash consumption to advance trials. Without timely milestone payments or financing, the burn rate escalates funding risk and may force dilutive capital raises within months, impacting strategic flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Proprietary target-discovery platform & clinical progress
Immatics’ XPRESIDENT-driven programs (exemplified by IMA401 published in Nature Medicine) reflect platform-enabled target selection and clinical proof-of-concept. Durable responses and tolerability at RP2D materially de-risk programs and strengthen long-term pipeline value and partner interest.
Read all positive factors
Immatics (IMTX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.26B
Dividend YieldN/A
Average Volume (3M)592.87K
Price to Earnings (P/E)―
Beta (1Y)1.37
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. Volume674,128
30 Day Avg. Volume592,869
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 Cap0.82
Enterprise Value/Revenue27.80
Enterprise Value/Gross Profit27.80
Enterprise Value/Ebitda-5.12
Forecast
1Y Price Target
$19.64Price Target Upside75.83% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)-1.71
Revenue Forecast (FY)$37.35M
Immatics Business Overview & Revenue Model
Company Description
Immatics N.V. is a clinical-stage biopharmaceutical firm dedicated to discovering and advancing T-cell receptor (TCR) based immunotherapies aimed at combating cancer, primarily within the United States. Its therapeutic strategy centers on targeted...
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 | -202.40M | -185.09M | 34.46M | -88.93M | 50.04M | -87.30M |
| Net Income | -214.41M | -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
Negative
11.17
Price Trends
10.76
Negative
10.30
Negative
9.74
Negative
Market Momentum
-0.49
Positive
38.59
Neutral
24.30
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMTX, the sentiment is Negative. The current price of 11.17 is above the 20-day moving average (MA) of 10.36, above the 50-day MA of 10.76, and above the 200-day MA of 9.74, indicating a bearish trend. The MACD of -0.49 indicates Positive momentum. The RSI at 38.59 is Neutral, neither overbought nor oversold. The STOCH value of 24.30 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
63 Neutral | $5.04B | -44.05 | -41.54% | ― | 39.04% | 32.40% | |
52 Neutral | $3.23B | -9.87 | -43.94% | ― | 39.04% | 29.88% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $737.75M | ― | -28.90% | ― | 68.64% | 50.57% | |
44 Neutral | $1.26B | ― | -45.47% | ― | -72.09% | -754.83% | |
44 Neutral | $2.08B | ― | -51.15% | ― | -63.29% | 25.39% | |
43 Neutral | $745.82M | -3.26 | -161.87% | ― | ― | -6.15% |
* Healthcare Sector Average
IMTX
Immatics
9.43
3.33
54.59%
GERN
Geron
1.15
-0.40
-25.81%
RLAY
Relay Therapeutics
14.96
11.69
357.49%
TNGX
Tango Therapeutics
32.90
28.11
586.85%
IMNM
Immunome
18.07
8.53
89.41%
SANA
Sana Biotechnology
2.85
0.33
13.10%
Immatics Corporate Events
Immatics Calls 2026 Annual General Meeting, Sets Record Date and Details New Incentive Plan
Jun 2, 2026
Immatics has convened its 2026 annual general meeting for June 18, 2026, to be held in Amsterdam, and has made the meeting notice, agenda and proxy materials available to shareholders. The record date for voting has been set at May 21, 2026, estab...
Immatics Showcases Strong Phase 1 Data for PRAME and MAGEA4/8 TCR Programs at ASCO 2026
Jun 1, 2026
On May 30–31, 2026, Immatics reported updated Phase 1 results for its IMA203CD8 PRAME-directed TCR T-cell therapy and its IMA401 TCR bispecific at the ASCO 2026 meeting, based on data cutoffs in March 2026. A single infusion of IMA203CD8 sho...
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...
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.