Imunon (NASDAQ:IMNN) Stock Price Up 5.3% – Should You Buy?

Imunon, Inc. (NASDAQ:IMNN)’s share price shot up 5.3% on Wednesday . The stock traded as high as $4.35 and last traded at $4.18. 117,956 shares were traded during mid-day trading, an increase of 276% from the average session volume of 31,393 shares. The stock had previously closed at $3.97.

Analysts Set New Price Targets

A number of research firms have recently weighed in on IMNN. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Imunon in a research note on Wednesday, October 8th. Wall Street Zen downgraded shares of Imunon from a “hold” rating to a “sell” rating in a research report on Friday, September 5th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $232.50.

Imunon Stock Up 5.3%

The business has a 50-day simple moving average of $4.40 and a 200-day simple moving average of $8.73. The stock has a market cap of $12.83 million, a P/E ratio of -0.43 and a beta of 1.94.

Imunon (NASDAQ:IMNN) last released its quarterly earnings results on Thursday, November 13th. The company reported ($1.16) EPS for the quarter, beating analysts’ consensus estimates of ($1.73) by $0.57. On average, analysts predict that Imunon, Inc. will post -1.68 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Imunon

A hedge fund recently raised its stake in Imunon stock. Riverview Capital Advisers LLC increased its holdings in shares of Imunon, Inc. (NASDAQ:IMNN) by 193.3% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 34,364 shares of the company’s stock after purchasing an additional 22,649 shares during the period. Riverview Capital Advisers LLC owned approximately 1.41% of Imunon worth $176,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 4.47% of the company’s stock.

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.