Immatics N.V. (NASDAQ: IMTX) shares are soaring 5.72% in pre-market trading on Friday, following the release of its impressive full-year 2024 financial results and continued analyst optimism. The biotechnology company has demonstrated a remarkable turnaround, moving from losses to profitability and significantly beating market expectations.

The company reported a substantial 189% year-over-year increase in revenue, reaching €155.8 million for the full year 2024. This figure exceeded analyst estimates by an impressive 39%. Moreover, Immatics achieved profitability with a net income of €15.2 million, a significant improvement from the €97.0 million loss reported in the previous year. The earnings per share (EPS) came in at €0.14, surpassing analyst projections and marking a notable turnaround from the €1.20 loss per share in 2023.

Adding to the positive sentiment, Bank of America Securities analyst Alec Stranahan maintained a Buy rating on Immatics with a price target of $13. This vote of confidence from a major financial institution further bolsters investor optimism in the company's future prospects. The combination of strong financial performance and sustained analyst support appears to be driving the pre-market rally in Immatics' stock price, as investors react to the company's improved market position and growth potential in the competitive biotechnology sector.