Immatics (IMTX) AI Stock Analysis

• Market Cap: $1.28B
• Dividend Yield: N/A
• Average Volume (3M): 984.64K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.64
• Revenue Growth: 83.36%
• EPS Growth: 22.27%
• Country: US
• Employees: 554
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.67
• Shares Outstanding: 121,550,170
• 10 Day Avg. Volume: 1,013,457
• 30 Day Avg. Volume: 984,644
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.09
• Enterprise Value/Revenue: 0.87
• Enterprise Value/Gross Profit: 0.87
• Enterprise Value/Ebitda: -1.94
• 1Y Price Target: $13.75
• Price Target Upside: 35.07% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5

• Rating: 55 Neutral
• Price Target: $10.50 ▲(3.14% Upside)

The overall stock score of 55 reflects a mixed outlook for Immatics. The most significant factor is the company's financial performance, which is challenged by declining revenues and profitability issues. However, technical analysis indicates a bullish trend, providing some positive momentum. Valuation remains a concern due to negative earnings and lack of dividends, which weigh down the overall score.

Positive Factors

Strong Balance Sheet

A strong balance sheet with low leverage provides financial stability and flexibility, enabling Immatics to invest in R&D and strategic initiatives.

Revenue Growth

High revenue growth suggests successful market penetration and product adoption, supporting long-term business sustainability and competitive positioning.

Shareholder Confidence

Shareholder approval of key resolutions reflects confidence in management and strategic direction, enhancing governance and long-term business prospects.

Negative Factors

Profitability Challenges

Persistent profitability issues can hinder reinvestment and growth, posing risks to financial health and long-term sustainability.

Cash Flow Issues

Cash flow inefficiencies limit operational flexibility and can affect the company's ability to fund R&D and strategic projects, impacting growth.

Operational Inefficiencies

Negative margins highlight operational inefficiencies, which can affect competitiveness and require strategic adjustments for improvement.

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 is experiencing financial volatility with declining revenues and profitability challenges. The balance sheet remains strong with low leverage, but cash flow issues persist. The company needs to address operational inefficiencies and improve cash flow management to enhance overall financial health.

Income Statement

Immatics shows a volatile revenue trajectory with a recent decline in revenue growth rate by 9.73% in TTM. The company has consistently high gross profit margins, but negative net profit margins indicate ongoing profitability challenges. EBIT and EBITDA margins have also turned negative, reflecting operational inefficiencies.

Balance Sheet

The company maintains a strong equity position with a low debt-to-equity ratio of 0.034 in TTM, indicating low financial leverage. However, the return on equity is negative, suggesting inefficiencies in generating returns from equity investments. The equity ratio remains stable, supporting financial stability.

Cash Flow

Immatics faces cash flow challenges with negative operating and free cash flows in TTM. Despite a slight improvement in free cash flow growth, the operating cash flow to net income ratio is negative, highlighting cash flow inefficiencies. The free cash flow to net income ratio is slightly above 1, indicating some alignment between cash flow and reported earnings.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	130.13M	155.84M	54.00M	172.83M	34.76M	31.25M
Gross Profit	130.13M	155.84M	-64.67M	66.05M	-52.81M	-35.83M
EBITDA	-58.05M	34.46M	-88.93M	50.04M	-83.56M	-64.44M
Net Income	-73.91M	15.22M	-96.99M	37.51M	-95.06M	-229.35M
Balance Sheet
Total Assets	567.30M	696.15M	509.96M	407.82M	174.65M	254.65M
Cash, Cash Equivalents and Short-Term Investments	478.19M	604.45M	425.89M	362.20M	145.12M	231.98M
Total Debt	17.12M	16.20M	15.40M	14.56M	9.85M	6.19M
Total Liabilities	102.73M	121.30M	284.88M	194.66M	150.58M	150.39M
Stockholders Equity	464.57M	574.84M	225.08M	213.16M	24.06M	104.26M
Cash Flow
Free Cash Flow	-174.69M	-174.51M	-12.73M	93.92M	-87.44M	-93.13M
Operating Cash Flow	-165.47M	-158.03M	18.23M	100.13M	-81.78M	-85.61M
Investing Cash Flow	130.66M	-152.39M	-31.39M	-209.79M	7.49M	-15.95M
Financing Cash Flow	144.14M	319.68M	84.52M	123.71M	-2.61M	207.88M

Immatics Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 10.18
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMTX, the sentiment is Positive. The current price of 10.18 is above the 20-day moving average (MA) of 9.73, above the 50-day MA of 7.47, and above the 200-day MA of 5.82, indicating a bullish trend. The MACD of 0.87 indicates Positive momentum. The RSI at 60.18 is Neutral, neither overbought nor oversold. The STOCH value of 36.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IMTX.

Immatics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IMTX	55 Neutral	$1.28B	―	-17.34%	―	83.36%	22.27%
IMNM	55 Neutral	$1.38B	―	-81.20%	―	16.74%	59.89%
RLAY	55 Neutral	$1.23B	―	-46.24%	―	-76.27%	22.77%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
GERN	50 Neutral	$791.14M	―	-31.09%	―	11877.28%	63.14%
TNGX	46 Neutral	$963.51M	―	-76.09%	―	-42.84%	-17.32%
SANA	33 Underperform	$1.42B	―	-109.12%	―	―	7.58%

Immatics Corporate Events

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.

Immatics Reports Q2 2025 Financial Results and Business Update

On August 13, 2025, Immatics N.V. released its financial results for the second quarter of 2025, revealing a significant increase in research and development expenses compared to the previous year. The company reported a substantial operating loss, reflecting its continued investment in advancing its pipeline of cancer immunotherapies. Despite the financial losses, Immatics remains committed to its strategic goals and continues to update stakeholders with its latest investor presentation.