Maxim Group Begins Coverage on Imunon (NASDAQ:IMNN)

Equities research analysts at Maxim Group initiated coverage on shares of Imunon (NASDAQ:IMNN) in a research report issued to clients and investors on Friday,Benzinga reports. The firm set a “buy” rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Imunon in a research note on Thursday, January 22nd. reissued a “buy” rating on shares of Imunon in a research note on Wednesday, January 7th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $132.50.

Imunon Stock Performance

Imunon stock opened at $3.10 on Friday. The stock has a market cap of $12.16 million, a price-to-earnings ratio of -0.39 and a beta of 2.13. The company’s 50-day moving average price is $3.11 and its two-hundred day moving average price is $3.73. Imunon has a 52 week low of $2.52 and a 52 week high of $41.22.

Imunon (NASDAQ:IMNN) last released its earnings results on Tuesday, March 31st. The company reported ($1.29) EPS for the quarter, beating the consensus estimate of ($1.43) by $0.14. The company had revenue of ($0.73) million for the quarter, compared to analyst estimates of ($0.73) million. Research analysts expect that Imunon will post -1.68 earnings per share for the current fiscal year.

Institutional Trading of Imunon

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Armistice Capital LLC acquired a new stake in Imunon during the fourth quarter valued at approximately $1,017,000. 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 valued at $224,000 after purchasing an additional 3,803 shares during the last quarter. Finally, Riverview Capital Advisers LLC lifted its stake 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 last quarter. 4.47% of the stock is owned by institutional investors and hedge funds.

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.