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

Imunon, Inc. (NASDAQ:IMNN)’s share price was up 1% on Thursday . The stock traded as high as $3.21 and last traded at $3.14. Approximately 19,913 shares changed 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 Analyst Weigh In

Several analysts have recently commented on the stock. Brookline Capital Acquisition reaffirmed a “buy” rating on shares of Imunon in a research report on Wednesday, January 7th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Imunon in a research report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Imunon presently has an average rating of “Hold” and an average price target of $232.50.

Imunon Stock Up 1.0%

The company has a market cap of $9.64 million, a price-to-earnings ratio of -0.32 and a beta of 2.06. The stock’s 50-day simple moving average is $3.40 and its 200 day simple moving average is $4.20.

Hedge Funds Weigh In On Imunon

A number of hedge funds have recently made changes to their positions in IMNN. Riverview Capital Advisers LLC increased its holdings in Imunon by 193.3% in the 3rd 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 last quarter. Armistice Capital LLC acquired a new position in Imunon during the fourth quarter worth $1,017,000. Finally, DRW Securities LLC lifted its stake in 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. 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. 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.