Immuneering Co. (NASDAQ:IMRX) Sees Spike in Short Interest

Immuneering Co. (NASDAQ:IMRX - Get Free Report) has experienced a notable increase in short interest during December. As of December 15th, the total short interest reached 2,290,000 shares, reflecting a substantial rise of 41.4% from the previous month's total of 1,620,000 shares on November 30th. About 10.2% of the company's shares are currently sold short. With an average daily trading volume of 1,160,000 shares, the short-interest ratio currently stands at 2.0 days.

Recent Analyst Ratings

A number of equity analysts have recently provided updates regarding the shares of Immuneering. Needham & Company LLC reaffirmed a "buy" rating on IMRX shares and set a price target of $15.00 in a research report dated November 14th. However, following these developments, Morgan Stanley downgraded the stock from an "equal weight" rating to an "underweight" rating on December 13th. On the other hand, Chardan Capital maintained a "buy" rating with a price target of $13.00 in a report issued on November 20th. Overall, one analyst rates the stock as a sell, three maintain a hold rating, while four analysts give it a buy rating. MarketBeat's data reflects a consensus rating of "Hold" for the stock, with a consensus price target of $12.80.

Stock Performance of Immuneering

On Monday, NASDAQ:IMRX saw its stock price decrease by $0.08, reaching a value of $2.25 during midday trading. The volume of shares traded was 320,437, lower than its average volume of 2,079,917. Over the past year, the stock has fluctuated between a low of $1.00 and a high of $7.68. Currently, the market capitalization of Immuneering stands at $69.86 million, with a P/E ratio of -1.14 and a beta of -0.33. The company's fifty-day moving average is $2.01, while the 200-day moving average is $1.73.

Institutional Trading Activity

Several large institutional investors have recently altered their positions in Immuneering. Vontobel Holding Ltd. has taken a new position in the company in the third quarter, estimated to be valued at around $25,000. Similarly, Corsair Capital Management L.P. also acquired a new stake during the same period, estimated at $25,000. Point72 Asia Singapore Pte. Ltd. purchased another new position worth $44,000 during the second quarter. XTX Topco Ltd. has increased its holdings in Immuneering by 37.3% during the second quarter, owning a total of 34,159 shares post-acquisition of an additional 9,274 shares last quarter. Lastly, Acadian Asset Management LLC has also entered a new position valued at $67,000. Notably, hedge funds and other institutional investors collectively own 67.65% of Immuneering's common shares.

Company Overview

Immuneering Corporation is a clinical-stage oncology company that focuses on developing treatments for a broad range of cancer patients. Some of their lead product candidates include IMM-1-104, which is a dual-MEK inhibitor currently undergoing Phase 1/2a clinical trials aimed at targeting various cancers such as pancreatic, melanoma, colorectal, and non-small cell lung cancer linked to RAS and/or RAF mutations. Additionally, IMM-6-415 is in the process of seeking an Investigational New Drug application to tackle solid tumors.

Conclusion and Analysis

The growing short interest in Immuneering may signal increasing skepticism about the company’s future performance. However, strong analyst ratings from firms like Needham & Company LLC and improvements in institutional trading portray a mixed view of the company’s potential in the oncology sector. As developments unfold, investors will need to keep a close watch on the stock's movements and analyst recommendations.

Immuneering, stock, analysis