Immunome (NASDAQ:IMNM) Stock Price Down 7% on Analyst Downgrade

Shares of Immunome, Inc. (NASDAQ:IMNM) dropped 7% on Thursday after Piper Sandler lowered their price target on the stock from $23.00 to $21.00. Piper Sandler currently has an overweight rating on the stock. Immunome traded as low as $10.72 and last traded at $10.78. Approximately 270,345 shares traded hands during trading, a decline of 64% from the average daily volume of 751,930 shares. The stock had previously closed at $11.59.

A number of other research analysts have also recently weighed in on the stock. Stephens initiated coverage on shares of Immunome in a research report on Friday, November 8th. They set an “overweight” rating and a $30.00 price objective on the stock. Wedbush reiterated an “outperform” rating and set a $33.00 price objective on shares of Immunome in a research report on Friday, October 25th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, Immunome currently has an average rating of “Buy” and a consensus price target of $28.83.

Insider Activity

In related news, CFO Max Rosett sold 14,380 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $16.01, for a total value of $230,223.80. Following the completion of the sale, the chief financial officer now directly owns 47,476 shares of the company’s stock, valued at $760,090.76. This represents a 23.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 8.60% of the company’s stock.

Institutional Trading of Immunome

A number of hedge funds have recently added to or reduced their stakes in IMNM. Quest Partners LLC purchased a new stake in Immunome in the second quarter worth about $81,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Immunome in the second quarter worth about $97,000. Arizona State Retirement System lifted its stake in Immunome by 9.2% in the second quarter. Arizona State Retirement System now owns 10,862 shares of the company’s stock worth $131,000 after acquiring an additional 918 shares during the period. EntryPoint Capital LLC raised its holdings in Immunome by 21,864.0% in the first quarter. EntryPoint Capital LLC now owns 5,491 shares of the company’s stock worth $136,000 after purchasing an additional 5,466 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in Immunome by 34.6% in the second quarter. AQR Capital Management LLC now owns 16,064 shares of the company’s stock worth $194,000 after purchasing an additional 4,129 shares in the last quarter. 44.58% of the stock is owned by hedge funds and other institutional investors.

Immunome Price Performance

The firm has a market capitalization of $668.96 million, a P/E ratio of -1.45 and a beta of 1.82. The stock’s fifty day simple moving average is $13.19 and its 200 day simple moving average is $13.82.

Immunome (NASDAQ:IMNM) last announced its earnings results on Monday, August 12th. The company reported ($0.49) EPS for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.11). The firm had revenue of $2.36 million during the quarter, compared to the consensus estimate of $2.62 million. Immunome had a negative return on equity of 38.19% and a negative net margin of 2,435.02%. As a group, sell-side analysts forecast that Immunome, Inc. will post -1.92 EPS for the current fiscal year.

About Immunome

Immunome, Inc, a biotechnology company, develops targeted cancer therapies. The company's clinical asset comprises AL102, an investigational gamma secretase inhibitor currently in evaluation in a Phase 3 trial for the treatment of desmoid tumors; and preclinical assets consist of IM-1021, a receptor tyrosine kinase-like orphan receptor 1 and antibody-drug conjugates, as well as IM-3050, a fibroblast activation protein targeted radioligand therapy; and IM-4320, an anti-IL-38 immunotherapy candidate.