Immatics NV

IMTX · NASDAQ

$7.51+$0.19 (+2.60%)TodayMarket closed · Oct 21, 4:27 AM ET

Prev close $7.32

IMTX analyst rating

BuyConsensus of 6 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy6
Hold0
Underperform0
Sell0

12-month price target · 10 analysts

Average $17.95 (+139.0% upside)

Low: $11.92
Now: $7.51
High: $26.25

Upgrades and downgrades

The latest rating actions, newest first

IMTX analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Stifel	Oct 14, 2026	Initiates	Buy	$15.00	39%
Chardan Capital	May 19, 2026	Maintains	Buy	$25.00	43%
TD Cowen	Apr 28, 2026	Initiates	Buy	—	67%
Jefferies	Mar 16, 2026	Initiates	Buy	$18.00	40%
Chardan Capital	Nov 24, 2025	Maintains	Buy	$25.00	43%
Mizuho	Nov 19, 2025	Maintains	Outperform	$19.00 → $23.00	54%
Guggenheim	Nov 18, 2025	Maintains	Buy	$16.00 → $19.00	33%

The case for and against

Updated Oct 16, 2026

Bull case

Immatics is attractive because its lead anzu-cel program has a credible path to success in SUPRAME, supported by encouraging Phase 1 efficacy, longer PFS at higher cell doses, and a regimen that appears more practical than lifileucel with shorter manufacturing and less intensive lymphodepletion/IL-2. The company also has meaningful financial and strategic backing, with about $448M in cash/cash equivalents as of 2Q26, an additional about $150M raised in August 2026, and collaboration revenue plus milestone support that should fund operations into 2028. Beyond melanoma, IMA402 and IMA203CD8 provide optionality, while commercial de-risking from Iovance’s lifileucel launch and the planned 1H27 BLA submission further strengthen the fundamental bullish case.

Bear case

Immatics is viewed negatively because its clinical-stage T-cell redirecting pipeline still faces major data, safety, and translation risks, with early signals not yet proving that engineered-cell expansion and tumor infiltration can translate into durable, approvable responses. Operationally, leukapheresis remains a bottleneck, PRAME opportunities are narrowing in the ICI-naïve first-line pool, and even promising 11-patient synovial sarcoma data leave meaningful uncertainty about whether efficacy can scale across broader cancers. Financially, the company had €453.6 million of cash as of 31 March, but an anticipated offering following SUPRAME data in 2026 suggests dilution risk alongside regulatory, reimbursement, competition, and intellectual property pressures.

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