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

Immuneering Co. (NASDAQ:IMRX) saw a significant drop in short interest in the month of July. As of July 31st, there was short interest totalling 2,690,000 shares, a drop of 6.6% from the July 15th total of 2,880,000 shares. Based on an average trading volume of 1,470,000 shares, the days-to-cover ratio is presently 1.8 days. Currently, 12.8% of the shares of the stock are sold short.

Institutional Investors Weigh In On Immuneering

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Immuneering by 12.1% in the first quarter. Vanguard Group Inc. now owns 1,203,666 shares of the company’s stock valued at $3,479,000 after purchasing an additional 129,851 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of Immuneering during the second quarter worth approximately $492,000. Renaissance Technologies LLC purchased a new position in shares of Immuneering during the second quarter worth approximately $447,000. Acadian Asset Management LLC purchased a new position in shares of Immuneering during the second quarter worth approximately $67,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Immuneering during the second quarter worth approximately $44,000. 67.65% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on IMRX. Chardan Capital cut their price objective on shares of Immuneering from $16.00 to $12.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Needham & Company LLC restated a “buy” rating and issued a $15.00 price objective on shares of Immuneering in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $12.60.

Immuneering Price Performance

Shares of IMRX opened at $1.07 on Wednesday. The firm’s 50 day simple moving average is $1.25 and its 200 day simple moving average is $2.52. The company has a market capitalization of $31.73 million, a P/E ratio of -0.57 and a beta of -0.61. Immuneering has a 1-year low of $1.00 and a 1-year high of $10.25.

Immuneering (NASDAQ:IMRX) last announced its earnings results on Tuesday, August 6th. The company reported ($0.47) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.05. On average, equities analysts anticipate that Immuneering will post -1.93 earnings per share for the current year.

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.