Imunon, Inc. (NASDAQ:IMNN) Sees Significant Decrease in Short Interest

Imunon, Inc. (NASDAQ:IMNN) was the target of a significant drop in short interest in the month of July. As of July 15th, there was short interest totaling 18,395 shares, a drop of 63.9% from the June 30th total of 50,969 shares. Approximately 0.5% of the company’s stock are short sold. Based on an average daily volume of 31,422 shares, the days-to-cover ratio is currently 0.6 days.

Imunon Price Performance

NASDAQ IMNN opened at $1.51 on Monday. The company has a market cap of $6.34 million, a price-to-earnings ratio of -0.29 and a beta of 1.96. Imunon has a 52 week low of $1.51 and a 52 week high of $8.19. The business has a 50 day moving average price of $1.96 and a 200-day moving average price of $2.73.

Imunon (NASDAQ:IMNN) last issued its earnings results on Tuesday, May 12th. The company reported ($0.84) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.22) by $0.38. On average, equities research analysts anticipate that Imunon will post -3.46 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have weighed in on IMNN. Maxim Group set a $10.00 price target on shares of Imunon and gave the company a “buy” rating in a research note on Friday, April 17th. Weiss Ratings reissued a “sell (e+)” rating on shares of Imunon in a research report on Friday, July 17th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Imunon presently has an average rating of “Hold” and a consensus target price of $10.00.

Institutional Inflows and Outflows

An institutional investor recently raised its stake in Imunon stock. DRW Securities LLC lifted its holdings in shares of Imunon, Inc. (NASDAQ:IMNN) by 6.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 58,830 shares of the company’s stock after acquiring an additional 3,803 shares during the period. DRW Securities LLC owned approximately 1.92% of Imunon worth $224,000 at the end of the most recent reporting period. 4.47% of the stock is currently owned by institutional investors and hedge funds.

About Imunon

Imunon, Inc, a clinical-stage biotechnology company, engages in the development of immunotherapies and vaccines to treat cancer and infectious diseases. The company’s lead clinical program IMNN-001, a DNA-based immunotherapy for the localized treatment of ovarian cancer that is in Phase II clinical development. Its preclinical stage products include IMNN-101, a COVID-19 booster vaccine; IMNN-102 for the treatment of Lassa virus; and IMNN-201, a Trp2 tumor associated antigen cancer vaccine in melanoma.