Imunon (NASDAQ:IMNN) Trading 1% Higher – Time to Buy?

Imunon, Inc. (NASDAQ:IMNN) rose 1% during mid-day trading on Thursday . The stock traded as high as $3.21 and last traded at $3.14. Approximately 19,913 shares traded hands during mid-day trading, an increase of 7% from the average daily volume of 18,625 shares. The stock had previously closed at $3.11.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on IMNN shares. Brookline Capital Acquisition reissued a “buy” rating on shares of Imunon in a research note on Wednesday, January 7th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Imunon in a report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $232.50.

Imunon Trading Down 4.8%

The company has a market capitalization of $9.18 million, a P/E ratio of -0.31 and a beta of 2.06. The business has a 50 day moving average price of $3.38 and a 200 day moving average price of $4.18.

Institutional Investors Weigh In On Imunon

Several hedge funds have recently bought and sold shares of the company. DRW Securities LLC boosted its position in shares of Imunon by 6.9% during the fourth quarter. DRW Securities LLC now owns 58,830 shares of the company’s stock worth $224,000 after purchasing an additional 3,803 shares in the last quarter. Riverview Capital Advisers LLC raised its stake in Imunon by 193.3% during the 3rd quarter. Riverview Capital Advisers LLC now owns 34,364 shares of the company’s stock worth $176,000 after buying an additional 22,649 shares during the period. Finally, Armistice Capital LLC acquired a new stake in Imunon during the 4th quarter worth $1,017,000. 4.47% of the stock is currently owned by institutional investors and hedge funds.

Imunon Company Profile

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.