Immatics N.V Dossier - Source-backed chat

Immatics N.V

IMTXNASDAQ

SectorHealth Care

IndustryBiotechnology

Beta (adjusted)1.21

Intrinsic Value

Insufficient data for a value estimateNot enough reliable inputs to publish a fair value for this company yet.

Market Price $8.44Price as of 1 Oct 2026

Data confidenceNot applicable

Market Cap $1.3B

Enterprise Value $938.9M

Shares Outstanding 152.2M diluted

Next Earnings Date12 Nov 2026

All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference.

Thesis

Street consensus, scenarios, merits, risks, and invalidation triggers

AI-assisted

Thesis Summary

Immatics N.V. is the global leader in precision targeting of the PRAME antigen, a highly validated cancer-testis antigen expressed in over 50 solid tumor types. The company's diversified clinical-stage portfolio spans two highly promising modalities: autologous TCR-T cell therapies (anzu-cel, IMA203CD8) and TCR bispecifics (IMA402). With a robust cash runway extending into 2028, Immatics is well-positioned to navigate upcoming high-impact clinical catalysts, including the Phase 3 SUPRAME trial interim analysis in late 2026 and the planned commercial launch of anzu-cel in 2027. Recent ASCO 2026 data presentations have further validated the platform's efficacy, showing a 56% confirmed ORR for anzu-cel in advanced melanoma and a 63% response rate for IMA203CD8 in gynecologic cancers.

This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today.

Street view · analyst 12-month targets6 analysts · as of 18 Aug 2026

Low · most bearish analyst$12.20

Mean target$17.87

High · most bullish analyst$25.00

Our research · scenarios, merits, risks, and invalidation triggersResearch as of 18 Sep 2026

Scenarios · 12-month scenario targetsAnchored at research date

Bear CaseDownside scenario

$12.2020%

The Phase 3 SUPRAME trial fails to show a statistically significant survival or response benefit compared to investigator's choice, delaying or derailing the anzu-cel regulatory approval path. Efficacy in gynecologic cancers or bispecific programs fails to replicate early-stage results in larger patient cohorts. Elevated R&D expenses accelerate cash burn, forcing highly dilutive capital raises before 2028.

Base CaseCentral scenario

$17.8750%

Matches the consensus mean

Anzu-cel meets its primary endpoints in the Phase 3 SUPRAME trial, validating its clinical utility in second-line melanoma and supporting a BLA filing in 2027. IMA203CD8 and IMA402 continue to progress through dose-expansion cohorts, showing competitive efficacy in gynecologic and other solid tumors. The company maintains its cash runway into 2028, executing on its clinical milestones with moderate, manageable cash burn.

Bull CaseUpside scenario

$25.0030%

The Phase 3 SUPRAME trial of anzu-cel triggers positive interim and final analyses in late 2026, leading to an accelerated BLA submission in 1H 2027 and a highly successful commercial launch in late 2027. Simultaneously, the IMA402 bispecific demonstrates robust off-the-shelf efficacy and manageable safety in Phase 1b, positioning it as a multi-billion dollar weekly infusion franchise. Strategic partnerships with Moderna and others yield substantial milestone payments, extending the cash runway indefinitely without dilutive financing.

Scenarios are anchored to street consensus at the research date, with our probabilities and rationale.

Key Investment Merits

Uncontested leadership in targeting the PRAME antigen, which is highly prevalent across multiple major solid tumor indications.
Strong clinical data validation, including a 56% confirmed ORR and 14.6-month median duration of response for anzu-cel in advanced melanoma.
Robust balance sheet with $521.5 million in cash and financial assets, providing a secure runway into 2028.
Dual-modality platform (cell therapy and bispecifics) provides multiple high-value shots on goal and mitigates single-asset risk.

Key Investment Risks

Clinical development risk inherent in late-stage oncology trials, particularly the upcoming Phase 3 SUPRAME interim readout.
Commercial execution and manufacturing scale-up challenges associated with autologous cell therapies.
Intense competition in the second-line melanoma space from established therapies and other emerging T-cell platforms.
Dependence on external capital or partnership milestones to fund long-term operations beyond the current cash runway.

Thesis Invalidation Triggers

Failure of the Phase 3 SUPRAME trial to meet its pre-specified efficacy endpoints during the 2026 interim or final analyses.
Severe, unexpected safety signals (e.g., high-grade CRS or neurotoxicity) emerging in the IMA203CD8 or IMA402 clinical programs.
Termination of key strategic collaborations, such as the mRNA-based TCER partnership with Moderna.

All scenarios are estimates and subject to change. Past performance is not indicative of future results.

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Explore this dossier

ValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework.