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

Immuneering Co. (NASDAQ:IMRX) saw a significant drop in short interest during the month of December. As of December 31st, there was short interest totalling 1,760,000 shares, a drop of 23.1% from the December 15th total of 2,290,000 shares. Based on an average daily volume of 2,290,000 shares, the days-to-cover ratio is presently 0.8 days. Currently, 7.9% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Needham & Company LLC reissued a “buy” rating and set a $15.00 target price on shares of Immuneering in a research report on Monday, January 13th. Chardan Capital reissued a “buy” rating and set a $13.00 target price on shares of Immuneering in a research report on Wednesday, January 8th. Finally, Morgan Stanley downgraded Immuneering from an “equal weight” rating to an “underweight” rating in a research report on Friday, December 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Immuneering currently has a consensus rating of “Hold” and a consensus price target of $12.80.

Immuneering Stock Up 3.1 %

Shares of IMRX traded up $0.06 during trading hours on Friday, reaching $2.02. The stock had a trading volume of 679,866 shares, compared to its average volume of 4,727,375. Immuneering has a 52 week low of $1.00 and a 52 week high of $7.68. The firm has a 50-day moving average of $2.05 and a 200 day moving average of $1.80. The company has a market cap of $62.72 million, a P/E ratio of -1.03 and a beta of -0.34.

Hedge Funds Weigh In On Immuneering

Large investors have recently added to or reduced their stakes in the company. HighTower Advisors LLC boosted its stake in shares of Immuneering by 21.4% during the 3rd quarter. HighTower Advisors LLC now owns 53,360 shares of the company’s stock worth $132,000 after buying an additional 9,400 shares during the last quarter. Corsair Capital Management L.P. acquired a new position in shares of Immuneering during the 3rd quarter worth about $25,000. Tidemark LLC acquired a new position in shares of Immuneering during the 3rd quarter worth about $129,000. Vontobel Holding Ltd. acquired a new position in shares of Immuneering during the 3rd quarter worth about $25,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Immuneering during the 2nd quarter worth about $44,000. Institutional investors own 67.65% of the company’s stock.

Immuneering Company Profile

Immuneering Corporation, a clinical-stage oncology company, engages in the development of medicines for broad populations of cancer patients. Its lead product candidates include IMM-1-104, a dual-MEK inhibitor currently under Phase 1/2a clinical trial to treat patients with cancer, including pancreatic, melanoma, colorectal, and non-small cell lung cancer caused by mutations of RAS and/or RAF; and IMM-6-415 is in Investigational New Drug application to treat solid tumors.