Short Interest in Imunon, Inc. (NASDAQ:IMNN) Expands By 716.5%

Imunon, Inc. (NASDAQ:IMNN) was the recipient of a large growth in short interest in July. As of July 31st, there was short interest totaling 150,203 shares, a growth of 716.5% from the July 15th total of 18,395 shares. Based on an average trading volume of 395,291 shares, the days-to-cover ratio is currently 0.4 days. Currently, 3.7% of the shares of the stock are short sold.

Imunon Stock Down 1.9%

Shares of NASDAQ:IMNN opened at $1.58 on Friday. The company has a market capitalization of $8.86 million, a P/E ratio of -0.41 and a beta of 1.97. Imunon has a 52-week low of $1.47 and a 52-week high of $6.99. The stock’s fifty day simple moving average is $1.79 and its 200-day simple moving average is $2.53.

Imunon (NASDAQ:IMNN) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.54) EPS for the quarter, topping analysts’ consensus estimates of ($0.87) by $0.33. On average, sell-side analysts anticipate that Imunon will post -3.46 earnings per share for the current year.

Hedge Funds Weigh In On Imunon

A hedge fund recently raised its stake in Imunon stock. DRW Securities LLC lifted its position in shares of Imunon, Inc. (NASDAQ:IMNN) by 6.9% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 58,830 shares of the company’s stock after buying an additional 3,803 shares during the period. DRW Securities LLC owned 1.92% of Imunon worth $224,000 as of its most recent SEC filing. 4.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

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.