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

Imunon, Inc. (NASDAQ:IMNN)’s share price dropped 3.3% during mid-day trading on Monday . The stock traded as low as $1.75 and last traded at $1.77. 15,326 shares were traded during mid-day trading, a decline of 63% from the average session volume of 41,441 shares. The stock had previously closed at $1.83.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Imunon in a report 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 analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Imunon currently has an average rating of “Hold” and an average target price of $10.00.

Imunon Price Performance

The firm has a market capitalization of $7.43 million, a PE ratio of -0.34 and a beta of 1.96. The company has a 50-day moving average price of $2.04 and a 200 day moving average price of $2.80.

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

Institutional Investors Weigh In On Imunon

An institutional investor recently raised its stake in Imunon stock. DRW Securities LLC raised its stake in shares of Imunon, Inc. (NASDAQ:IMNN) by 6.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,830 shares of the company’s stock after buying an additional 3,803 shares during the quarter. DRW Securities LLC owned about 1.92% of Imunon worth $224,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 4.47% of the stock is owned by institutional investors and hedge funds.

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.