Imunon, Inc. (NASDAQ:IMNN) Short Interest Update

Imunon, Inc. (NASDAQ:IMNN) was the recipient of a significant decrease in short interest in May. As of May 29th, there was short interest totaling 57,617 shares, a decrease of 60.8% from the May 14th total of 146,860 shares. Approximately 1.4% of the company’s stock are sold short. Based on an average daily trading volume, of 64,055 shares, the short-interest ratio is currently 0.9 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. DRW Securities LLC lifted its position in Imunon by 6.9% during the fourth quarter. DRW Securities LLC now owns 58,830 shares of the company’s stock valued at $224,000 after purchasing an additional 3,803 shares during the period. Riverview Capital Advisers LLC lifted its position in Imunon by 193.3% during the third quarter. Riverview Capital Advisers LLC now owns 34,364 shares of the company’s stock valued at $176,000 after purchasing an additional 22,649 shares during the period. Finally, Armistice Capital LLC bought a new position in Imunon during the fourth quarter valued at approximately $1,017,000. Institutional investors own 4.47% of the company’s stock.

Wall Street Analyst Weigh In

IMNN has been the topic of several analyst reports. Maxim Group set a $10.00 target price on shares of Imunon and gave the stock a “buy” rating in a research note on Friday, April 17th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Imunon in a research note on Tuesday, April 21st. 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.com, the company has a consensus rating of “Hold” and an average price target of $10.00.

Imunon Stock Down 0.5%

Shares of NASDAQ IMNN traded down $0.01 during midday trading on Friday, hitting $2.02. The stock had a trading volume of 46,023 shares, compared to its average volume of 54,805. The business’s 50 day moving average is $2.60 and its 200-day moving average is $3.16. The company has a market cap of $8.48 million, a P/E ratio of -0.39 and a beta of 1.95. Imunon has a 52 week low of $1.93 and a 52 week high of $20.48.

Imunon (NASDAQ:IMNN) last issued its earnings results on Tuesday, May 12th. The company reported ($0.84) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.22) by $0.38. As a group, analysts expect that Imunon will post -3.46 EPS for the current fiscal year.

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.