13 Best Biotech Penny Stocks to Buy According to Hedge Funds

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6. Immatics (NASDAQ:IMTX)

Share Price as of April 14: $4.14

Number of Hedge Fund Holders: 33

Immatics (NASDAQ:IMTX) researches and develops potential T cell redirecting immunotherapies for the treatment of cancer. It’s developing targeted immunotherapies with a focus on treating solid tumors through two distinct treatment modalities, such as TCR-engineered autologous or allogeneic adoptive cell therapies (ACT) and antibody-like TCR Bispecifics.

The company’s lead program is IMA203. This is a TCR-T cell therapy that targets PRAME and has shown significant promise in advanced melanoma. A Phase 1b trial achieved a 54% confirmed objective response rate in heavily pretreated patients, with a 12.1-month median duration of response and 6-month median progression-free survival. Because of this and an FDA RMAT designation, IMA203 has advanced to the Phase 3 SUPRAME trial.

This study enrolled its first patient in December 2024 and aims to recruit 360 HLA-A*02:01-positive patients with previously treated metastatic melanoma. An interim data analysis is expected in Q1 2026, with a final analysis in Q4 2026. Immatics (NASDAQ:IMTX) plans to submit a BLA for full approval in Q1 2027, with aims for a commercial launch of IMA203 in Q3 2027.

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