Immunome (NASDAQ:IMNM) Shares Gap Up Following Earnings Beat

Immunome, Inc. (NASDAQ:IMNM)’s share price gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $7.94, but opened at $8.37. Immunome shares last traded at $8.06, with a volume of 74,171 shares trading hands.

The company reported ($0.52) earnings per share for the quarter, beating the consensus estimate of ($0.66) by $0.14. Immunome had a negative return on equity of 48.63% and a negative net margin of 3,014.59%. The company had revenue of $2.93 million during the quarter, compared to the consensus estimate of $0.46 million.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on IMNM shares. Stephens restated an “overweight” rating and issued a $30.00 price target on shares of Immunome in a research note on Thursday, March 20th. Lake Street Capital initiated coverage on shares of Immunome in a research report on Wednesday, April 2nd. They issued a “buy” rating and a $23.00 target price for the company. Lifesci Capital initiated coverage on shares of Immunome in a research report on Tuesday, March 11th. They set an “outperform” rating and a $20.00 price target on the stock. Guggenheim lowered their price objective on Immunome from $35.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, March 20th. Finally, Wedbush restated an “outperform” rating and set a $21.00 price objective (down previously from $33.00) on shares of Immunome in a research note on Tuesday. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Immunome presently has a consensus rating of “Buy” and an average target price of $23.33.

Insider Buying and Selling at Immunome

In other news, CTO Philip Tsai purchased 12,300 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was purchased at an average cost of $8.42 per share, with a total value of $103,566.00. Following the purchase, the chief technology officer now owns 33,300 shares in the company, valued at $280,386. This trade represents a 58.57% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Clay B. Siegall acquired 137,100 shares of the business’s stock in a transaction dated Wednesday, March 26th. The stock was purchased at an average price of $7.29 per share, with a total value of $999,459.00. Following the acquisition, the chief executive officer now owns 806,736 shares of the company’s stock, valued at approximately $5,881,105.44. This trade represents a 20.47% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 156,400 shares of company stock valued at $1,160,495 in the last ninety days. Company insiders own 8.60% of the company’s stock.

Institutional Trading of Immunome

Several institutional investors and hedge funds have recently added to or reduced their stakes in IMNM. JPMorgan Chase & Co. raised its holdings in shares of Immunome by 6.6% during the third quarter. JPMorgan Chase & Co. now owns 24,565 shares of the company’s stock valued at $359,000 after acquiring an additional 1,520 shares during the period. Magnus Financial Group LLC boosted its position in shares of Immunome by 107.8% in the fourth quarter. Magnus Financial Group LLC now owns 53,536 shares of the company’s stock worth $569,000 after buying an additional 27,777 shares during the period. Scharf Investments LLC acquired a new stake in shares of Immunome in the fourth quarter worth $471,000. Stoneridge Investment Partners LLC purchased a new position in shares of Immunome during the fourth quarter valued at $123,000. Finally, Three Bridge Wealth Advisors LLC acquired a new position in Immunome during the fourth quarter valued at $293,000. 44.58% of the stock is owned by institutional investors and hedge funds.

Immunome Stock Performance

The stock has a market capitalization of $688.26 million, a PE ratio of -0.98 and a beta of 2.00. The firm has a 50 day moving average of $7.71 and a 200-day moving average of $9.90.

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.