Imunon, Inc. (NASDAQ:IMNN) Short Interest Up 716.5% in July

Imunon, Inc. (NASDAQ:IMNN) was the recipient of a large growth in short interest in July. As of July 31st, there was short interest totaling 150,203 shares, a growth of 716.5% from the July 15th total of 18,395 shares. Currently, 3.7% of the shares of the stock are short sold. Based on an average daily volume of 395,291 shares, the short-interest ratio is currently 0.4 days.

Imunon Stock Performance

IMNN traded down $0.01 during trading on Thursday, reaching $1.60. The stock had a trading volume of 18,009 shares, compared to its average volume of 95,026. The stock has a market cap of $6.72 million, a PE ratio of -0.42 and a beta of 1.97. Imunon has a one year low of $1.47 and a one year high of $6.99. The business has a 50-day moving average of $1.80 and a 200-day moving average of $2.54.

Imunon (NASDAQ:IMNN) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($0.54) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.87) by $0.33. Equities research analysts forecast that Imunon will post -3.46 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Imunon stock. Armistice Capital LLC bought a new stake in shares of Imunon, Inc. (NASDAQ:IMNN) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 266,886 shares of the company’s stock, valued at approximately $1,017,000. Armistice Capital LLC owned 8.69% of Imunon at the end of the most recent reporting period. Institutional investors and hedge funds 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.