Imunon Stock (IMNN) Rockets on Clinical Trial Results

Imunon (IMNN) stock rocketed higher on Friday after the pharmaceutical company announced positive results from its Phase 2 OVATION 2 Study of IMNN-001. This study was focused on using IMNN-001 as a treatment for advanced ovarian cancer.

Imunon noted that the median survival rate for patients taking IMNN-001 plus standard-of-care (SoC) neoadjuvant/adjuvant chemotherapy (N/ACT) increased by 13 months to 46 months, compared to 33 months for patients only treated with SoC N/ACT. This positive data has resulted in the company moving forward with a Phase 3 OVATION 3 Study of IMNN-001.

To go along with the positive clinical trial results, Imunon also withdrew its filing with the Securities and Exchange Commission (SEC) for a public offering of IMNN shares. This decision helped bolster investor confidence, contributing to IMNN stock’s 162.33% rally. However, the shares are still down 56.26% year-to-date, and the risk of volatility is high as Imunon is a penny stock.

Is IMNN Stock a Buy, Sell, or Hold?

Turning to Wall Street, the analysts’ consensus rating for Imunon is Moderate Buy, based on one Buy and one Hold rating over the last three months. With that comes an average IMNN stock price target of $14, representing a potential 3,269.43% upside for the shares.

See more IMNN stock analyst ratings