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

Immuneering Co. (NASDAQ:IMRX) was the target of a large drop in short interest in August. As of August 15th, there was short interest totalling 1,980,000 shares, a drop of 26.4% from the July 31st total of 2,690,000 shares. Based on an average trading volume of 1,520,000 shares, the days-to-cover ratio is currently 1.3 days. Approximately 9.4% of the company’s stock are short sold.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on IMRX shares. Needham & Company LLC reiterated a “buy” rating and issued a $15.00 price target on shares of Immuneering in a report on Wednesday, August 7th. Chardan Capital dropped their price objective on Immuneering from $16.00 to $12.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.60.

Immuneering Stock Down 4.3 %

Shares of IMRX stock opened at $1.11 on Friday. Immuneering has a 12-month low of $1.00 and a 12-month high of $9.36. The business’s fifty day simple moving average is $1.18 and its 200-day simple moving average is $2.26.

Immuneering (NASDAQ:IMRX) last announced its earnings results on Tuesday, August 6th. The company reported ($0.47) earnings per share for the quarter, topping the consensus estimate of ($0.52) by $0.05. As a group, research analysts forecast that Immuneering will post -1.9 earnings per share for the current year.

Hedge Funds Weigh In On Immuneering

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in Immuneering by 12.1% in the 1st quarter. Vanguard Group Inc. now owns 1,203,666 shares of the company’s stock worth $3,479,000 after purchasing an additional 129,851 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of Immuneering in the second quarter worth about $447,000. Marshall Wace LLP purchased a new position in shares of Immuneering in the second quarter worth about $492,000. XTX Topco Ltd lifted its holdings in shares of Immuneering by 37.3% during the second quarter. XTX Topco Ltd now owns 34,159 shares of the company’s stock worth $44,000 after purchasing an additional 9,274 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Immuneering in the second quarter valued at approximately $44,000. Institutional investors and hedge funds own 67.65% of the company’s stock.

About Immuneering

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.