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

Imunon, Inc. (NASDAQ:IMNN) was the target of a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 1,200,000 shares, a growth of 20.3% from the March 15th total of 997,900 shares. Currently, 8.6% of the company’s stock are sold short. Based on an average trading volume of 140,300 shares, the days-to-cover ratio is presently 8.6 days.

Imunon Stock Down 1.9 %

Shares of Imunon stock opened at $0.87 on Wednesday. Imunon has a 12-month low of $0.64 and a 12-month high of $3.65. The stock has a 50 day moving average price of $0.91 and a two-hundred day moving average price of $0.90. The stock has a market capitalization of $12.75 million, a P/E ratio of -0.46 and a beta of 1.94.

Institutional Trading of Imunon

A hedge fund recently raised its stake in Imunon stock. Geode Capital Management LLC raised its position in shares of Imunon, Inc. (NASDAQ:IMNN) by 10.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 139,505 shares of the company’s stock after acquiring an additional 13,570 shares during the period. Geode Capital Management LLC owned approximately 0.96% of Imunon worth $133,000 as of its most recent SEC filing. Institutional investors and hedge funds own 4.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on IMNN. HC Wainwright reaffirmed a “buy” rating and issued a $14.00 target price on shares of Imunon in a research report on Wednesday, March 26th. D. Boral Capital restated a “buy” rating and set a $29.00 price target on shares of Imunon in a research note on Monday, March 24th.

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.