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IMTX · NASDAQ · Biotechnology

Immatics

Develops PRAME-focused cancer therapies with cell therapy and TCR bispecific programs.

$9.35

After-hours close−0.09 (−0.95%)

At close$9.44(+0.85%)

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Profile

Immatics N.V.IMTXHealth Care

Develops PRAME-focused cancer immunotherapies through cell-therapy and TCR-bispecific programs. Its transatlantic organization operates in Germany and Houston, while the company remains clinical-stage with no products approved for commercial sale.

Develops PRAME-focused cancer immunotherapies using target-discovery and T-cell-receptor platforms. Clinical programs span cell therapies and TCR bispecifics, including anzu-cel in a Phase 3 trial for advanced melanoma.

Research and operations span Tübingen and Munich, Germany, and Houston, Texas, reflecting a transatlantic model. Founded as a University of Tübingen spinout, the U.S. presence grew from a joint venture with MD Anderson Cancer Center.

Co-founder Harpreet Singh remains chief executive. These programs rely on clinical development, while strategic-collaboration revenue comes from Moderna and BMS. The company has no products approved for commercial sale.

Company facts

CEOHarpreet Singh, Ph.D.

ListedJul 2, 2020

ExchangeNASDAQ

HeadquartersTübingen, Germany

CountryGermany

Employees407

CIK0001809196

ISINNL0015285941

Key statistics

Market cap$1.27B

EPS (ttm)−$1.84

P/E (ttm)−5.13

ROE-47.0%

P/B2.79

P/S26.22

Dividend yield—

Beta1.55vs XLV 0.85

Year to date −9.7% · Average volume (30d) 521.7K

Analysts

Price target, next 12 months$17.00+79.9%Median of 8 analysts · vs the Aug 28 close

ConsensusBuy8 of 8 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $9.45

High$17.00+79.9%

Median$17.00+79.9%

Low$17.00+79.9%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior target	Target
Aug 25, 2026	Jefferies	Target		$17
Feb 19, 2026	Mizuho Securities	Target	$19	$25
Dec 4, 2025	Leerink Partners	Target		$17
Oct 29, 2025	Mizuho Securities	Target	$16	$19
Sep 17, 2025	Guggenheim	Target		$16

Earnings

EPS

Estimate−$0.58

ReportedDue Nov 17, 2026

Revenue

Estimate$12.7M

ReportedDue Nov 17, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 18, 2026Q2 FY26	−$0.48	−$0.53	−10.5%	$11.9M	$11.9M	−0.2%	−1.73%
May 12, 2026Q1 FY26	−$0.42	−$0.50	−19.0%	$9.8M	$8.8M	−10.3%	−5.27%
Mar 5, 2026Q4 FY25	−$0.48	−$0.34	+29.2%	$11.3M	$22.3M	+98.2%	−2.86%
Nov 17, 2025Q3 FY25	−$0.44	−$0.49	−11.5%	$10.7M	$6.1M	−43.3%	+8.98%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$21.5M	$5.5M	$6.0M	$22.9M	$8.8M	$10.6M
Gross profit	$21.5M	$5.5M	$6.0M	$22.9M	$8.8M	$10.6M
Operating income	−$41.0M	−$61.6M	−$63.3M	−$45.1M	−$76.5M	−$77.9M
Net income	−$46.2M	−$81.5M	−$58.6M	−$41.4M	−$67.0M	−$72.4M
Diluted EPS	−$0.38	−$0.67	−$0.49	−$0.32	−$0.50	−$0.53
Gross margin	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	-190.4%	-1,121.5%	-1,053.3%	-196.8%	-867.9%	-735.0%

Fiscal years (4-quarter sums)FY21 $40.3M · FY22 $200.3M · FY23 $62.6M · FY24 $180.8M · FY25 $55.9M

Balance sheet, Jun 30, 2026Cash & short-term investments $455.6M · Total debt $16.9M · Total assets $562.6M · Shareholders' equity $462.8M

Dividends

No dividends on record.

Ownership

Institutions 80.68%108.19M sharesInsiders 8.92%11.97M sharesOther 10.40%13.94M shares

Shares outstanding 134.10M · Float 112.20M · 83.7% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
T. Rowe Price Investment Management, Inc.	21.65M	16.10%	13G	May 15, 2026
RTW Investments, LP	12.87M	9.60%	13G	May 15, 2026
Perceptive Advisors LLC · director	11.25M	8.39%	Form 4	Aug 27, 2026
Suvretta Capital Management, LLC	11.19M	8.34%	13F	May 15, 2026
Baker Bros. Advisors LP	10.92M	8.14%	13F	May 15, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Aug 26, 2026	Perceptive Advisors LLC	director	+863,060	$8.69