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Investing.com - BofA Securities raised its price target on Immatics (NASDAQ:IMTX) to $14.00 from $12.00 on Monday, while maintaining a Buy rating on the stock. The company has seen impressive momentum with a 115% price return over the past six months, according to InvestingPro data.
The firm cited the strength of Immatics’ PRAME franchise, which has been bolstered by recent bispecific data. BofA views this development as adding "another key player to the franchise."
Immatics maintains a strong financial position with $505.8 million in cash, providing runway into the second half of 2027 to support pipeline developments and a potential launch for IMA203, which is guided for the second half of 2027. InvestingPro data confirms the company holds more cash than debt with a current ratio of 8.8, though it is quickly burning through cash with negative free cash flow.
The nearest-term data catalyst will be IMA203CD8, scheduled for presentation on December 11 at the ESMO Immunooncology Congress. BofA will be monitoring for enhanced activity and durability that could support expansion into other PRAME cancers.
The firm also noted it will be watching updates from IMA402 and IMA401 ahead of the pivotal IMA203 data, with the price target increase reflecting updated probability of success for bispecific programs and operating expense trends. The stock is currently trading slightly below its InvestingPro Fair Value, with analyst targets ranging from $11 to $24, suggesting further upside potential.
In other recent news, Immatics has seen notable developments regarding its stock ratings and financial performance. Mizuho reiterated an Outperform rating on Immatics following the company’s second-quarter 2025 financial results, maintaining a price target of $16.00. The firm highlighted Immatics’ focus on PRAME-targeting assets, particularly emphasizing strong data for its lead asset IMA203 presented at the ASCO conference. Meanwhile, Jefferies raised its price target for Immatics to $24.00 from $20.00, maintaining a Buy rating. This adjustment was influenced by Immatics’ presentation of proof-of-concept data for its next-generation TCR bispecific therapies, IMA402 and IMA401. These recent developments reflect the company’s strategic focus and the positive reception from analysts.
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