Immunome (NASDAQ:IMNM) Shares Down 7.1% – Time to Sell?

Immunome, Inc. (NASDAQ:IMNM) shares traded down 7.1% on Thursday . The stock traded as low as $22.59 and last traded at $22.5150. 867,638 shares traded hands during trading, a decline of 36% from the average daily volume of 1,346,529 shares. The stock had previously closed at $24.24.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on IMNM. Citigroup reiterated a “buy” rating on shares of Immunome in a research note on Thursday, July 9th. Alliance Global Partners assumed coverage on shares of Immunome in a report on Monday. They set a “buy” rating and a $32.00 price target for the company. Truist Financial increased their price target on shares of Immunome from $37.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Wedbush lifted their price objective on shares of Immunome from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Wednesday, August 12th. Finally, Wall Street Zen cut Immunome from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Twelve investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Immunome has a consensus rating of “Moderate Buy” and an average price target of $35.18.

Immunome Price Performance

The stock has a 50-day simple moving average of $25.47 and a 200-day simple moving average of $22.85. The stock has a market cap of $2.57 billion, a P/E ratio of -8.95 and a beta of 2.13.

Immunome (NASDAQ:IMNM) last posted its earnings results on Tuesday, August 11th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.14). As a group, sell-side analysts forecast that Immunome, Inc. will post -2.38 earnings per share for the current year.

Insider Activity at Immunome

In other Immunome news, insider Kinney Horn sold 90,616 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $25.09, for a total value of $2,273,555.44. Following the sale, the insider owned 50,366 shares in the company, valued at $1,263,682.94. This trade represents a 64.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Robert Lechleider sold 55,000 shares of the company’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $22.62, for a total transaction of $1,244,100.00. Following the transaction, the insider owned 15,805 shares of the company’s stock, valued at $357,509.10. This trade represents a 77.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 580,510 shares of company stock worth $13,824,240 in the last 90 days. 7.21% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Immunome

A number of institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new position in Immunome in the second quarter valued at about $186,588,000. Primecap Management Co. CA bought a new stake in shares of Immunome during the second quarter worth about $97,081,000. Sofinnova Investments Inc. increased its stake in shares of Immunome by 271.2% in the fourth quarter. Sofinnova Investments Inc. now owns 1,618,477 shares of the company’s stock valued at $34,765,000 after buying an additional 1,182,426 shares during the period. ExodusPoint Capital Management LP acquired a new position in shares of Immunome in the fourth quarter valued at approximately $16,745,000. Finally, Bank of America Corp DE bought a new position in Immunome in the 2nd quarter valued at approximately $13,729,000. Institutional investors and hedge funds own 44.58% of the company’s stock.

About Immunome

Immunome, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing antibody-based therapies for cancer and other serious diseases. The company uses proprietary antibody discovery and engineering technologies designed to identify therapeutic candidates from human immune responses and advance them into clinical development.

Immunome’s activities include the development of novel immunotherapies and targeted biologic medicines, with research programs aimed at addressing significant unmet needs in oncology and inflammatory or immune-mediated diseases.