IMTX
Immatics N.V.Healthcare·Biotechnology
$11.51
$1.5B market cap
Revenue
$27.5M
Free Cash Flow
$-104.9M
Rev Growth
+0.0%
FCF Margin
-381.5%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Immatics N.V., a clinical-stage biopharmaceutical company, focuses on the discovery and development of T cell receptor (TCR) based immunotherapies for the treatment of cancer in the United States. The company is developing targeted immunotherapies with a focus on treating solid tumors through two distinct treatment modalities, such as adoptive cell therapies (ACT) and antibody-like TCR Bispecifics. Its ACTengine product candidates are in Phase I clinical trials, which include IMA201 that targets
2-Year Price History
$11.62+5.3%
Quarterly Financials & Projections
Quarterly Waterfall (EUR M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 7.7 | -64.4 | -67.2 | -58.8 | -42.7 | -44.3 | -0.8 | 454.0 | 15.1 | 134.6 | -188.8% | -261.6x | -- |
| Act | 2025-Q4 | 19.8 | -32.2 | -38.9 | -35.7 | -57.6 | -60.6 | -0.9 | 469.1 | 15.6 | 126.1 | -90.0% | -144.9x | -- |
Valuation & Metrics
Market Stats
Price$11.51
Market Cap$1.5B
Enterprise Value$885M
P/S Ratio48.1x
P/FCF--
EV/FCF--
FCF Margin (TTM)-381.5%
FCF Yield-7.9%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$27.5M
Net Income$-94.5M
Free Cash Flow$-104.9M
Revenue Growth (YoY)+0.0%
EBITDA Margin-351.0%
Net Margin-343.5%
FCF Margin-381.5%
CapEx % of Revenue6.2%
SBC % of Revenue0.0%
ROIC-139.4%
WC Change % Rev35.6%
Interest Coverage-206.3x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares5.2M
Days to Cover16.7
Change (vs Prior)+0.6%
Need at least 2 settlement dates for chart
Employees
Headcount554
Revenue / Employee$49,636
Gross Profit / Employee$35,670
Cash Runway
51.9months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
71.5%(+43.9% YoY)
75 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
0.5%(+0.1% YoY)
5 filers
Vanguard, iShares, SPDR
Market makers
0.1%(+0.1% YoY)
3 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| T. Rowe Price Investment Management, Inc. | $213M | $8.08 | +$1.9M | +$68.6M | -1.3% | $145.22B |
| RTW INVESTMENTS, LP | $127M | $10.01 | +$14.1M | +$58.6M | -2.2% | $9.26B |
| SUVRETTA CAPITAL MANAGEMENT, LLC | $110M | $6.08 | +$0 | +$20.2M | -9.1% | $3.69B |
| BAKER BROS. ADVISORS LP | $107M | $7.59 | −$11.6M | +$35.8M | -0.4% | $16.13B |
| PERCEPTIVE ADVISORS LLC | $102M | $10.22 | +$0 | +$9.8M | -1.3% | $5.05B |
| TORONTO DOMINION BANK | $73.2M | $7.34 | +$22.8M | +$43.9M | -0.3% | $51.69B |
| Vestal Point Capital, LP | $60.8M | $9.10 | +$492K | −$10.0M | +0.1% | $3.58B |
| Jefferies Financial Group Inc. | $49.8M | $10.03 | +$0 | +$49.8M | -1.6% | $7.90B |
| Sofinnova Investments, Inc. | $35.7M | $7.66 | +$1.9M | +$20.4M | +2.7% | $1.94B |
| MORGAN STANLEY | $21.1M | $7.26 | +$583K | −$9.3M | -0.3% | $1.65T |
| CITADEL ADVISORS LLC | $18.2M | $10.07 | +$1.3M | +$15.4M | -0.4% | $138.22B |
| WELLINGTON MANAGEMENT GROUP LLP | $15.4M | $9.63 | −$722K | −$69.1M | -0.3% | $533.98B |
| Point72 Asset Management, L.P. | $14.7M | $9.71 | −$2.6M | +$14.7M | +0.9% | $54.88B |
| Woodline Partners LP | $9.8M | $8.47 | +$0 | −$6.7M | -0.1% | $26.43B |
| BALYASNY ASSET MANAGEMENT LLC | $9.7M | $9.21 | +$3.8M | +$8.0M | -0.4% | $48.01B |
| Aberdeen Group plc | $8.1M | $7.58 | +$1.0M | +$995K | -0.6% | $61.88B |
| Longaeva Partners L.P. | $7.7M | $9.88 | +$7.2M | +$7.7M | -0.5% | $2.08B |
| UNIVERSITY OF TEXAS/TEXAS AM INVESTMENT MANAGEMENT CO | $6.9M | $8.71 | +$0 | +$0 | +1.4% | $687M |
| SPHERA FUNDS MANAGEMENT LTD. | $6.8M | $9.41 | −$1.6M | −$2.2M | -9.9% | $575M |
| PRICE T ROWE ASSOCIATES INC /MD/ | $6.4M | $10.72 | −$943K | +$6.4M | -0.2% | $864.93B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-1.75%
avg per quarter
Holders (ex-self)
-1.73%
excl. this stock
Buyers (this Q)
-0.38%
30 buyers · $0.06B in
Sellers (this Q)
-0.28%
26 sellers · $0.05B out
alpha coverage: 100% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-8.0%
how holders react when this stock falls
On quiet Qs
+3.4%
−10% to +10% baseline
On rallies (+10%+)
+15.1%
how they react when this stock rises
Holders' portfolio flow this Q
-0.3%
outflows — trims may be forced
Sellers' portfolio flow this Q
+4.8%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-3.8%
Holder mid (any stock)
-4.3%
Holder rally (any stock)
-7.7%
Biggest decreases this quarter
BAKER BROS. ADVISORS LP−$11.6Mα-0.4Alyeska Investment Group, L.P.exited−$8.3MSTEMPOINT CAPITAL LPexited−$6.4MCaption Management, LLCexited−$5.8MPoint72 Asset Management, L.P.−$2.6Mα+0.9Verition Fund Management LLCexited−$2.2MMonashee Investment Management LLCexited−$1.7MSPHERA FUNDS MANAGEMENT LTD.−$1.6Mα-9.9PRICE T ROWE ASSOCIATES INC /MD/−$943Kα-0.2WELLINGTON MANAGEMENT GROUP LLP−$722Kα-0.3
Top-5 holders · 62.0%
T. Rowe Price Investment Management, Inc.--
RTW INVESTMENTS, LP--
SUVRETTA CAPITAL MANAGEMENT, LLC--
BAKER BROS. ADVISORS LP--
PERCEPTIVE ADVISORS LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
T. Rowe Price Investment Management, Inc.21.7MBAKER BROS. ADVISORS LP10.9MRTW INVESTMENTS, LP12.9MSUVRETTA CAPITAL MANAGEMENT, LLC11.2MWELLINGTON MANAGEMENT GROUP LLP1.6MPERCEPTIVE ADVISORS LLC10.4MTORONTO DOMINION BANK7.4MVestal Point Capital, LP6.2MJefferies Financial Group Inc.5.1MParadigm Biocapital Advisors LP—
Analyst Coverage
Analyst Coverage
Price Targets
Last Year (4 analysts)$19.256720.0%
Current Price$11.51
Analyst Ratings
8
Buy: 8Consensus: Buy
Corporate
Order Flow (FINRA, ~3w lag)
16.4%retail-3.5pp
24.1%dark-1.2pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Immatics N.V.: Aggressive Revenue Smoothing and Pipeline Attrition Masked by Capital Market Reliance
Overall Risk
7/10
Fraud
3/10
Dilution
8/10
Insolvency
5/10
Earnings Overstated
6/10
Hidden Liabilities
3/10
Legal
2/10
Audit Warnings
2/10
Hidden Upside
5/10
Contextually Acceptable
7/10