Short Interest in Imunon, Inc. (NASDAQ:IMNN) Declines By 60.8%

Imunon, Inc. (NASDAQ:IMNN) was the target of a large drop in short interest in the month of May. As of May 29th, there was short interest totaling 57,617 shares, a drop of 60.8% from the May 14th total of 146,860 shares. Based on an average daily trading volume, of 64,055 shares, the short-interest ratio is presently 0.9 days. Currently, 1.4% of the company’s shares are sold short.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Riverview Capital Advisers LLC increased its stake in shares of 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 acquiring an additional 22,649 shares in the last quarter. DRW Securities LLC increased its stake in shares of Imunon by 6.9% in the 4th quarter. DRW Securities LLC now owns 58,830 shares of the company’s stock valued at $224,000 after acquiring an additional 3,803 shares in the last quarter. Finally, Armistice Capital LLC bought a new stake in shares of Imunon in the 4th quarter valued at $1,017,000. Institutional investors and hedge funds own 4.47% of the company’s stock.

Imunon Stock Performance

Shares of NASDAQ IMNN traded down $0.01 during midday trading on Friday, reaching $2.02. The stock had a trading volume of 46,023 shares, compared to its average volume of 54,805. The firm has a market cap of $8.48 million, a price-to-earnings ratio of -0.39 and a beta of 1.95. Imunon has a twelve month low of $1.93 and a twelve month high of $20.48. The company’s 50 day moving average price is $2.60 and its 200 day moving average price is $3.16.

Imunon (NASDAQ:IMNN) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.84) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.22) by $0.38. Equities analysts forecast that Imunon will post -3.46 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Imunon in a research report on Tuesday, April 21st. Maxim Group set a $10.00 target price on shares of Imunon and gave the stock a “buy” rating in a research report on Friday, April 17th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $10.00.

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.