Immatics (IMTX) AI Stock Analysis

• Market Cap: $1.35B
• Dividend Yield: N/A
• Average Volume (3M): 616.89K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.38
• Revenue Growth: -27.61%
• EPS Growth: -69.49%
• Country: US
• Employees: 554
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.49
• Shares Outstanding: 134,063,830
• 10 Day Avg. Volume: 609,618
• 30 Day Avg. Volume: 616,894
• PEG Ratio: -0.44
• Price to Book (P/B): 1.30
• Price to Sales (P/S): 4.79
• P/FCF Ratio: -4.28
• Enterprise Value/Market Cap: 0.41
• Enterprise Value/Revenue: 6.47
• Enterprise Value/Gross Profit: 6.47
• Enterprise Value/Ebitda: -5.16
• 1Y Price Target: $16.60
• Price Target Upside: 65.34% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): -1.89
• Revenue Forecast (FY): $46.89M

• Rating: 56 Neutral
• Price Target: $11.00 ▲(9.56% Upside)

Immatics' overall stock score is primarily influenced by its financial performance challenges, including inconsistent revenue growth and profitability. Positive technical indicators provide some support, suggesting potential short-term bullish momentum. However, the negative P/E ratio and lack of dividend yield highlight valuation concerns. The absence of earnings call data and corporate events limits additional insights.

Positive Factors

Clinical Milestones

Achieving clinical milestones strengthens Immatics' competitive position in the T cell therapy market, enhancing its long-term growth prospects.

Leadership Strength

Strong leadership appointments like Amie Krause's enhance organizational capability, crucial for transitioning to a commercial-stage enterprise.

Pipeline Advancements

Advancements in TCR Bispecifics pipeline indicate potential for new cancer therapies, supporting long-term product development and market expansion.

Negative Factors

Revenue Decline

Significant revenue decline highlights challenges in maintaining financial stability, impacting long-term sustainability and growth.

Profitability Challenges

Persistent profitability challenges and negative margins indicate operational inefficiencies, threatening long-term financial health.

Cash Flow Issues

Negative cash flows suggest liquidity constraints, potentially limiting Immatics' ability to fund ongoing R&D and commercialization efforts.

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 with a focus on treating solid tumors through two distinct treatment modalities, such as adoptive cell therapies (ACT) and antibody-like TCR Bispecifics. Its ACTengine product candidates are in Phase I clinical trials, which include IMA201 that targets melanoma-associated antigen 4 or 8 in patients with solid tumors; IMA202 that targets melanoma-associated antigen 1 in patients with various solid tumors, including squamous non-small cell lung carcinoma and hepatocellular carcinoma; and IMA203 that targets preferentially expressed antigen in melanoma in adult patients with relapsed and/or refractory solid tumors, as well as IMA204, which is in preclinical studies that targets tumor stroma cell. The company's TCR Bispecifics product candidates, which are in preclinical studies include IMA401, a cancer testis antigen for the treatment of solid tumors; and IMA402 for the treatment of solid tumors. It also develops IMA101 for the treatment of cancer; and IMA301, an allogenic cellular therapy product candidate. The company has a strategic collaboration agreement with GlaxoSmithKline Intellectual Property Development Limited to develop novel adoptive cell therapies targeting multiple cancer indications; MD Anderson Cancer Center to develop multiple T cell and TCR-based adoptive cellular therapies; Celgene Switzerland LLC to develop novel adoptive cell therapies targeting multiple cancers; and Genmab A/S to develop T cell engaging bispecific immunotherapies targeting multiple cancer indications. Immatics N.V. is headquartered in Tübingen, Germany.

How the Company Makes Money

Immatics generates revenue primarily through strategic collaborations and partnerships with pharmaceutical and biotechnology companies, which often involve milestone payments and royalties on future sales of products developed through these collaborations. The company may also receive funding from government grants and research contracts aimed at advancing its therapeutic candidates. Additionally, Immatics could potentially generate revenue from the commercialization of its own proprietary products once they receive regulatory approval and enter the market.

Immatics Financial Statement Overview

Summary

Immatics faces significant financial challenges, particularly in maintaining consistent revenue growth and profitability. The company's balance sheet shows low leverage, which is a positive aspect, but negative returns on equity and cash flow issues highlight operational inefficiencies. The biotechnology industry is inherently volatile, and Immatics' financials reflect this with fluctuating performance metrics. Continued focus on improving operational efficiency and cash flow management will be crucial for future stability.

Income Statement

Immatics has experienced significant fluctuations in revenue and profitability. The TTM data shows a sharp decline in revenue growth rate (-34.87%) and negative net profit margin (-136.72%), indicating challenges in maintaining profitability. Historical data shows inconsistent revenue growth and profitability, with periods of positive margins followed by substantial losses. The company's gross profit margin remains high at 100%, but negative EBIT and EBITDA margins suggest operational inefficiencies.

Balance Sheet

The balance sheet reflects a relatively low debt-to-equity ratio (0.039), indicating conservative leverage. However, the return on equity is negative in the TTM period (-23.26%), highlighting challenges in generating returns for shareholders. The equity ratio is not explicitly calculated, but the company's equity position appears stable relative to its total assets.

Cash Flow

Cash flow analysis reveals negative operating and free cash flows in the TTM period, with a slight improvement in free cash flow growth (5.30%). The operating cash flow to net income ratio is negative, indicating cash flow challenges. However, the free cash flow to net income ratio is positive (1.04), suggesting some ability to cover net losses with free cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	84.76M	155.84M	54.00M	172.83M	34.76M	31.25M
Gross Profit	84.76M	155.84M	-64.67M	66.05M	-52.81M	-35.83M
EBITDA	-106.34M	34.46M	-88.93M	50.04M	-87.30M	-207.43M
Net Income	-115.89M	15.22M	-96.99M	37.51M	-95.06M	-229.35M
Balance Sheet
Total Assets	518.56M	696.15M	509.96M	407.82M	174.65M	254.65M
Cash, Cash Equivalents and Short-Term Investments	430.84M	604.45M	425.89M	362.20M	145.12M	231.98M
Total Debt	16.38M	16.20M	15.40M	14.56M	9.85M	6.19M
Total Liabilities	101.88M	121.30M	284.88M	194.66M	150.58M	150.39M
Stockholders Equity	416.68M	574.84M	225.08M	213.16M	24.06M	104.26M
Cash Flow
Free Cash Flow	-183.95M	-174.51M	-12.73M	93.92M	-87.44M	-93.13M
Operating Cash Flow	-176.44M	-158.03M	18.23M	100.13M	-81.78M	-85.61M
Investing Cash Flow	186.30M	-152.39M	-31.39M	-209.79M	7.49M	-15.95M
Financing Cash Flow	144.16M	319.68M	84.52M	123.71M	-2.61M	207.88M

Immatics Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 10.04
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 10.04 is below the 20-day moving average (MA) of 10.33, below the 50-day MA of 10.13, and above the 200-day MA of 6.65, indicating a neutral trend. The MACD of 0.09 indicates Positive momentum. The RSI at 49.01 is Neutral, neither overbought nor oversold. The STOCH value of 11.15 is Positive, 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
RLAY	59 Neutral	$1.39B	―	-41.14%	―	-16.50%	33.02%
TNGX	59 Neutral	$1.23B	―	-51.65%	―	53.28%	21.77%
IMTX	56 Neutral	$1.35B	―	-29.01%	―	-27.61%	-69.49%
IMNM	56 Neutral	$1.79B	―	-93.04%	―	-4.44%	63.58%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
GERN	51 Neutral	$887.31M	―	-29.57%	―	522.13%	62.68%
SANA	33 Underperform	$1.37B	―	-96.11%	―	―	31.16%

Immatics Corporate Events

Immatics Completes $116.5 Million Share Offering to Boost R&D

On December 8, 2025, Immatics N.V. completed an offering of 12,500,000 ordinary shares, raising approximately $116.5 million after expenses. The proceeds will support the company’s research and development pipeline, manufacturing, and potential commercialization of its product candidates. This strategic move is expected to bolster Immatics’ position in the biopharmaceutical industry, enhancing its operational capabilities and market presence.

Immatics Reports Q3 2025 Financial Results and Business Update

Immatics N.V. released its interim report for the three- and nine-month periods ending September 30, 2025, revealing significant financial results. The company reported a net loss of €50.5 million for the third quarter and €160.7 million for the nine months, with revenues from collaboration agreements reaching €5.2 million and €28.5 million, respectively. The report highlights ongoing challenges in research and development expenses, which amounted to €47.2 million for the quarter. This financial update underscores the company’s continued investment in its research pipeline and the inherent risks associated with its clinical trials and regulatory processes.

Immatics Reveals Promising Phase 1a Results for TCR Bispecifics

On November 12, 2025, Immatics N.V. announced updated data from its Phase 1a trials for IMA402 PRAME Bispecific and IMA401 MAGEA4/8 Bispecific, showcasing favorable tolerability and promising anti-tumor activity in heavily pre-treated patients with solid tumors. The trials demonstrated deep and durable responses, particularly in melanoma and ovarian carcinoma for IMA402, and head and neck cancer for IMA401. The company is advancing to Phase 1b dose expansion, exploring combination therapies, and potentially transitioning to Phase 2 trials, aiming to address significant unmet treatment needs and expand its pipeline’s impact on cancer care.

Immatics Appoints Amie Krause as Chief People Officer Amidst Commercial Transition

On October 27, 2025, Immatics N.V. announced the appointment of Amie Krause as Chief People Officer, effective immediately. With over 20 years of experience in organizational growth and talent alignment in the biopharmaceutical sector, Krause will lead the company’s human resources as it transitions to a commercial-stage enterprise. Her role is pivotal as Immatics prepares for the commercialization of its lead PRAME cell therapy candidate, anzu-cel, aiming to enhance its global leadership in precision targeting of PRAME and improve cancer treatment options.

Immatics Reports Promising Anzu-cel Results in Uveal Melanoma

On October 20, 2025, Immatics presented updated data from its ongoing Phase 1b trial of anzu-cel PRAME cell therapy in 16 patients with metastatic uveal melanoma. The trial data, with a cutoff on September 24, 2025, showed a confirmed objective response rate of 67% and a disease control rate of 88%. The median duration of response was 11 months, and the median progression-free survival was 8.5 months. The therapy demonstrated anti-tumor activity in liver and extrahepatic metastases, and maintained a favorable tolerability profile. Based on these promising results, Immatics has initiated a Phase 2 cohort to further explore anzu-cel’s potential in treating metastatic uveal melanoma.

Immatics Appoints New CFO to Drive PRAME Therapy Commercialization

On October 1, 2025, Immatics N.V. announced the appointment of Venkat Ramanan as its new Chief Financial Officer. Dr. Ramanan, a seasoned financial leader with over 25 years of experience in the biopharmaceutical industry, will succeed Arnd Christ. His extensive experience is expected to be instrumental in advancing Immatics’ PRAME franchise and moving its PRAME cell therapy, anzu-cel, toward commercialization. This strategic appointment is seen as a pivotal move as the company prepares for its first commercial launch and aims to strengthen its position as a leader in precision targeting of PRAME.