Imunon (NASDAQ:IMNN) Stock Price Down 4.4% – Here’s Why

Imunon, Inc. (NASDAQ:IMNN)’s stock price dropped 4.4% during trading on Thursday . The company traded as low as $0.78 and last traded at $0.80. 987,079 shares were traded during trading, a decline of 73% from the average daily volume of 3,671,681 shares. The stock had previously closed at $0.84.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on IMNN. HC Wainwright reaffirmed a “buy” rating and issued a $14.00 target price on shares of Imunon in a research note on Wednesday, March 26th. D. Boral Capital restated a “hold” rating on shares of Imunon in a report on Monday, May 19th. Wall Street Zen upgraded shares of Imunon to a “sell” rating in a report on Friday, June 6th. Finally, D Boral Capital lowered Imunon from a “strong-buy” rating to a “hold” rating in a report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $15.50.

Imunon Stock Down 4.4%

The stock has a market cap of $14.01 million, a price-to-earnings ratio of -0.59 and a beta of 2.15. The business’s 50 day simple moving average is $1.10 and its 200 day simple moving average is $0.97.

Imunon (NASDAQ:IMNN) last released its quarterly earnings data on Monday, May 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.07. Equities research analysts forecast 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. Geode Capital Management LLC lifted its position in shares of Imunon, Inc. (NASDAQ:IMNN) by 10.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 139,505 shares of the company’s stock after purchasing an additional 13,570 shares during the period. Geode Capital Management LLC owned 0.96% of Imunon worth $133,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds 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.