Imunon (NASDAQ:IMNN) Stock Price Down 3.3% – Time to Sell?

Shares of Imunon, Inc. (NASDAQ:IMNN) were down 3.3% on Monday . The company traded as low as $1.75 and last traded at $1.77. Approximately 15,326 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 41,441 shares. The stock had previously closed at $1.83.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on IMNN shares. Weiss Ratings restated a “sell (e+)” rating on shares of Imunon in a research note on Tuesday, April 21st. Maxim Group set a $10.00 price objective on shares of Imunon and gave the stock a “buy” rating in a research note on Friday, April 17th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Imunon currently has a consensus rating of “Hold” and a consensus target price of $10.00.

Imunon Stock Performance

The stock has a market cap of $7.43 million, a P/E ratio of -0.34 and a beta of 1.96. The business’s 50-day moving average price is $2.04 and its 200-day moving average price is $2.80.

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

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Imunon stock. DRW Securities LLC grew its stake in shares of Imunon, Inc. (NASDAQ:IMNN) by 6.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,830 shares of the company’s stock after buying an additional 3,803 shares during the period. DRW Securities LLC owned 1.92% of Imunon worth $224,000 at the end of the most recent reporting period. Institutional investors own 4.47% of the company’s stock.

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.