IMNM Plummets 8.5% on $400M Share Offering: Is This a Buying Opportunity or a Warning Signal?

Summary
• Immunome (IMNM) drops 8.48% intraday to $21.49, its lowest since December 2023.
• $400M public offering priced at $21.50 per share triggers immediate dilution concerns.
• Options volume surges, with 221,362 shares traded and 2.48% turnover rate.
• RSI at 71.7 signals overbought conditions, while MACD (1.36) remains bullish.
Immunome’s sharp decline follows a $400M equity offering, sparking volatility in a biotech sector already grappling with mixed momentum. With the stock trading near its 52-week low of $5.15, traders are dissecting technicals and options data to gauge whether this is a short-term selloff or a deeper bearish shift.

Dilution Drives IMNM's Sharp Decline
The stock’s 8.5% drop stems directly from Immunome’s $400M public offering, priced at $21.50 per share. The company sold 18.625 million shares, with an additional 2.79 million in a 30-day option, triggering immediate dilution fears. The offering’s $21.50 price point—just below the stock’s pre-market open of $21.56—sent shares tumbling as investors reacted to the expanded share count. This move, while raising capital for pipeline development, has temporarily pressured liquidity and sentiment, particularly in a sector sensitive to capital structure changes.

Options Playbook: Capitalizing on Volatility and Technicals
• MACD: 1.36 (bullish divergence)
• RSI: 71.7 (overbought)
• Bollinger Bands: Price at $21.49 vs. upper band $22.38
• 200-day MA: $11.11 (far below current price)
• Support/Resistance: 30D support $17.38–17.55; 200D support $8.43–8.79

Immunome’s technicals suggest a volatile but structurally bullish profile. The stock remains above its 200-day MA and key support levels, while RSI overbought conditions hint at potential pullbacks. For options traders, the most compelling plays are:

IMNM20260116P20 (Put Option)
• Code: IMNM20260116P20
• Type: Put
• Strike Price: $20
• Expiration: 2026-01-16
• IV: 88.58% (high volatility)
• Leverage Ratio: 15.70% (high)
• Delta: -0.3258 (moderate bearish sensitivity)
• Theta: -0.0212 (moderate time decay)
• Gamma: 0.0644 (moderate price sensitivity)
• Turnover: 6,914 (liquid)
This put option offers high leverage and liquidity, ideal for a short-term bearish bet if the stock breaks below $20. A 5% downside to $20.42 would yield a $0.42 payoff (max(0, 20 - 20.42)).

IMNM20260116C20 (Call Option)
• Code: IMNM20260116C20
• Type: Call
• Strike Price: $20
• Expiration: 2026-01-16
• IV: 96.89% (very high)
• Leverage Ratio: 6.56% (moderate)
• Delta: 0.6686 (strong bullish sensitivity)
• Theta: -0.0508 (high time decay)
• Gamma: 0.0593 (moderate price sensitivity)
• Turnover: 39,815 (highly liquid)
This call option is a high-liquidity play for bulls expecting a rebound above $20. A 5% upside to $22.56 would yield a $2.56 payoff (max(0, 22.56 - 20)).

Action Insight: Aggressive bulls may consider IMNM20260116C20 into a bounce above $22.50, while bears should watch for a breakdown below $20.00.

Backtest Immunome Stock Performance
The backtest of IMNM's performance after an intraday plunge of at least -8% from 2022 to the present shows favorable short-to-medium-term gains. The 3-Day win rate is 52.74%, the 10-Day win rate is 53.14%, and the 30-Day win rate is 59.63%, indicating a higher probability of positive returns in the immediate aftermath of the plunge. The maximum return during the backtest was 18.17% over 59 days, suggesting that while there is volatility, IMNM can exhibit strong recovery and growth in the following weeks.

IMNM at Crossroads: Capitalize on Volatility or Wait for Clarity?
Immunome’s 8.5% drop reflects immediate dilution concerns but leaves the stock structurally bullish on a long-term basis. The 52-week high of $25.30 remains a key psychological level to watch, while the 200-day MA at $11.11 offers a floor. Sector leader Amgen (AMGN) rose 0.44%, underscoring biotech’s mixed momentum. Traders should monitor the $20.00 support level and the $22.38 Bollinger Band upper bound for directional clues. For now, options like IMNM20260116P20 and IMNM20260116C20 offer high-leverage entry points. Watch for $20.00 breakdown or a rebound above $22.50 to dictate next steps.