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Immatics
(NASDAQ:IMTX)
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Rating:44Neutral
Price Target:
$8.50
▼(-6.39% 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 antigen discovery and TCR engineering platform
Immatics’ integrated antigen discovery and TCR engineering platform is a durable competitive asset that underpins multiple programs and partnerships. Platform ownership supports repeatable program generation, raises barriers to entry, and sustains long‑term partner interest and licensing potential beyond individual trials.
Negative Factors
Large negative operating and free cash flow
Sustained, sizable cash outflows driven by clinical and platform R&D create persistent funding needs. Over months to a few years this raises refinancing and dilution risk, limits ability to scale operations organically, and forces reliance on partnerships or equity markets to bridge development milestones.
Read all positive and negative factors
Positive Factors
Negative Factors
Proprietary antigen discovery and TCR engineering platform
Immatics’ integrated antigen discovery and TCR engineering platform is a durable competitive asset that underpins multiple programs and partnerships. Platform ownership supports repeatable program generation, raises barriers to entry, and sustains long‑term partner interest and licensing potential beyond individual trials.
Read all positive factors
Immatics (IMTX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.16B
Dividend YieldN/A
Average Volume (3M)345.19K
Price to Earnings (P/E)―
Beta (1Y)1.38
Revenue Growth-72.09%
EPS Growth-754.83%
CountryUS
Employees407
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.71
Shares Outstanding134,096,570
10 Day Avg. Volume281,867
30 Day Avg. Volume345,185
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$19.64Price Target Upside116.30% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)-1.71
Revenue Forecast (FY)$38.02M
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 primarily makes money through (1) collaboration and partnership revenue and (2) other operating income, as it is a clinical-stage company and does not have a broad portfolio of marketed products.
Key revenue streams typically include:
- ...
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
Neutral
9.08
Price Trends
9.72
Negative
10.15
Negative
10.08
Negative
Market Momentum
-0.22
Negative
50.35
Neutral
60.71
Neutral
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 9.08 is below the 20-day moving average (MA) of 9.27, below the 50-day MA of 9.72, and below the 200-day MA of 10.08, indicating a neutral trend. The MACD of -0.22 indicates Negative momentum. The RSI at 50.35 is Neutral, neither overbought nor oversold. The STOCH value of 60.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
58 Neutral | $4.43B | -32.75 | -41.54% | ― | 39.04% | 32.40% | |
52 Neutral | $4.10B | -11.99 | -43.94% | ― | 39.04% | 29.88% | |
52 Neutral | $2.58B | -9.52 | -51.15% | ― | -63.29% | 25.39% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $827.56M | -12.37 | -28.90% | ― | 68.64% | 50.57% | |
47 Neutral | $871.05M | -3.37 | -161.87% | ― | ― | -6.15% | |
44 Neutral | $1.16B | -4.39 | -45.27% | ― | -72.09% | -754.83% |
* Healthcare Sector Average
IMTX
Immatics
9.38
2.73
41.05%
GERN
Geron
1.34
0.14
11.67%
RLAY
Relay Therapeutics
19.54
16.01
453.54%
TNGX
Tango Therapeutics
29.36
22.45
324.89%
IMNM
Immunome
25.06
14.21
130.97%
SANA
Sana Biotechnology
3.40
-0.86
-20.19%
Immatics Corporate Events
Immatics Shareholders Approve All Proposals at June 18, 2026 AGM
Jun 18, 2026
Immatics N.V. held its Annual General Meeting of Shareholders on June 18, 2026 in Tübingen, where approximately 64.07% of the issued share capital was represented and no shareholders raised questions on the agenda items. The meeting proceeded...
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...
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.