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Immatics
(NASDAQ:IMTX)
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Rating:48Neutral
Price Target:
$7.50
▼(-20.47% Downside)
Action:Reiterated
Date:10/03/26
The score is held back primarily by heavy ongoing losses and substantial cash burn, despite a conservatively levered balance sheet. Technically, the stock is in a downtrend (below major moving averages with negative MACD), adding near-term risk. Valuation is difficult to support with a negative P/E and no dividend yield provided.
Positive Factors
Conservative leverage
Very low leverage reduces solvency pressure while Immatics funds clinical development, giving management more flexibility to direct capital toward its oncology pipeline. This is a durable balance-sheet advantage because debt service is less likely to compete with research spending during loss-making periods.
Negative Factors
Deep ongoing losses
Deep losses relative to current revenue show that the clinical-stage model has not yet produced sustainable operating leverage. With net margin near -575% and large operating losses, continued development depends on external funding or future partnering milestones rather than internally generated earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative leverage
Very low leverage reduces solvency pressure while Immatics funds clinical development, giving management more flexibility to direct capital toward its oncology pipeline. This is a durable balance-sheet advantage because debt service is less likely to compete with research spending during loss-making periods.
Read all positive factors
Immatics (IMTX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.11B
Dividend YieldN/A
Average Volume (3M)735.80K
Price to Earnings (P/E)―
Beta (1Y)1.61
Revenue Growth-65.40%
EPS Growth-164.71%
CountryUS
Employees704
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.59
Shares Outstanding149,635,900
10 Day Avg. Volume934,545
30 Day Avg. Volume735,802
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 Cap0.86
Enterprise Value/Revenue22.82
Enterprise Value/Gross Profit22.82
Enterprise Value/Ebitda-4.91
Forecast
1Y Price Target
$17.70Price Target Upside87.70% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-1.83
Revenue Forecast (FY)$38.17M
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
32
Negative
Balance Sheet
74
Positive
Cash Flow
27
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 41.70M | 48.27M | 155.84M | 54.00M | 172.83M | 34.76M |
| Gross Profit | 41.70M | 48.27M | 155.84M | 54.00M | 172.83M | 34.76M |
| EBITDA | -193.84M | -185.09M | 34.46M | -88.93M | 50.04M | -87.51M |
| Net Income | -206.55M | -196.45M | 15.22M | -94.65M | 27.70M | -93.33M |
Balance Sheet | ||||||
| Total Assets | 485.53M | 562.10M | 696.15M | 509.96M | 407.82M | 174.65M |
| Cash, Cash Equivalents and Short-Term Investments | 393.19M | 469.14M | 604.45M | 425.89M | 362.20M | 145.12M |
| Total Debt | 14.60M | 15.63M | 16.20M | 15.40M | 14.56M | 9.85M |
| Total Liabilities | 86.07M | 78.20M | 121.30M | 292.35M | 204.47M | 150.58M |
| Stockholders Equity | 399.46M | 483.89M | 574.84M | 217.62M | 203.35M | 24.06M |
Cash Flow | ||||||
| Free Cash Flow | -209.95M | -175.95M | -174.51M | -12.73M | 93.92M | -87.44M |
| Operating Cash Flow | -206.27M | -169.66M | -158.03M | 18.23M | 100.13M | -81.78M |
| Investing Cash Flow | 56.41M | 196.70M | -152.39M | -31.39M | -209.79M | 7.49M |
| Financing Cash Flow | 118.40M | 93.51M | 319.68M | 84.52M | 123.71M | -2.61M |
Immatics Technical Analysis
Negative
9.43
Price Trends
8.89
Negative
9.36
Negative
9.79
Negative
Market Momentum
-0.43
Positive
31.19
Neutral
14.36
Positive
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 9.43 is above the 20-day moving average (MA) of 8.28, above the 50-day MA of 8.89, and below the 200-day MA of 9.79, indicating a bearish trend. The MACD of -0.43 indicates Positive momentum. The RSI at 31.19 is Neutral, neither overbought nor oversold. The STOCH value of 14.36 is Positive, 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 |
|---|---|---|---|---|---|---|---|
64 Neutral | $481.74M | -1.71 | -178.58% | ― | 287.93% | -21.91% | |
56 Neutral | $1.12B | -11.15 | -10.79% | ― | 5366.97% | 8.50% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $504.42M | -2.18 | -50.04% | ― | ― | 40.16% | |
49 Neutral | $1.51B | -163.01 | -2.35% | ― | 20.19% | ― | |
48 Neutral | $1.11B | -4.17 | -47.04% | ― | -65.40% | -164.71% | |
41 Neutral | $835.22M | -3.67 | -134.49% | ― | ― | 28.46% |
* Healthcare Sector Average
IMTX
Immatics
7.43
-2.66
-26.36%
AUTL
Autolus Therapeutics
1.81
0.16
9.70%
ALLO
Allogene Therapeutics
1.46
0.19
14.96%
SANA
Sana Biotechnology
2.79
-1.55
-35.71%
IMCR
Immunocore Holdings
29.39
-2.96
-9.15%
JANX
Janux Therapeutics Inc
18.39
-7.90
-30.05%
Immatics Corporate Events
Immatics Raises $161 Million in Completed Equity Offering to Advance PRAME Cancer Programs
Aug 26, 2026
Immatics N.V., a Nasdaq-listed biotech company headquartered in Houston and Tübingen, focuses on developing cancer immunotherapies that precisely target PRAME, an antigen found in more than 50 cancers. The firm’s pipeline spans TCR T-ce...
Immatics Posts Interim Q2 2026 Results and Updates Investor Materials
Aug 18, 2026
Immatics N.V., headquartered in Tübingen, Germany, is a biotechnology company focused on developing T-cell–redirecting immunotherapies targeting cancer. Through its German and U.S. subsidiaries, the group advances a pipeline of product ...
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.