Shares of biopharmaceutical company Immatics NV (NASDAQ:IMTX) are on the rise today after a $35 million equity investment by healthcare major Bristol-Myers Squibb (NYSE:BMY).
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In a private placement, BMY has snapped up ~2.42 million common shares of Immatics at $14.16 per share. Moreover, BMY can also appoint a member to Immatics’ advisory board.
The CEO and Co-Founder of Immatics, Harpreet Singh, Ph.D., commented, “This investment is further testimony to the strength of the relationship and of our differentiated platform technologies that are the foundation of our TCR-based cell therapies and bispecifics.”
Separately, Immatics is also slated to report second-quarter numbers on August 8 and is largely expected to incur a net loss per share of $0.29 for the period. In the year-ago quarter, it had posted a net loss per share of $0.24, missing the Street’s expectations by $0.15.
Overall, the Street has a $16 consensus price target on Immatics alongside a Strong Buy consensus rating. Shares of the company have gained nearly 43.3% over the past six months.
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