Immatics N.V. (NASDAQ: IMTX) stock is soaring 5.72% in pre-market trading on Friday, following the release of its impressive full-year 2024 financial results and continued analyst support. The biotechnology company significantly outperformed expectations, marking a turnaround to profitability and substantial revenue growth.

Immatics reported a remarkable 189% increase in revenue, reaching €155.8 million for the full year 2024. The company swung to a net income of €15.2 million, a significant improvement from the €97.0 million loss recorded in the previous year. Earnings per share (EPS) came in at €0.14, compared to a loss of €1.20 in 2023. Both revenue and earnings surpassed analyst estimates, with revenue exceeding expectations by 39%.

Adding to the positive sentiment, Bank of America Securities analyst Alec Stranahan maintained a Buy rating on Immatics with a price target of $13. While the company's revenue is forecast to remain flat over the next three years, compared to the 20% growth projected for the US Biotechs industry, the strong financial performance and ongoing analyst confidence appear to be driving investor optimism. However, investors should note that the company's shares are down 11% from a week ago, suggesting some volatility in recent trading.