Imunon downgraded to Hold from Buy at D. Boral Capital

D. Boral Capital analyst Jason Kolbert downgraded Imunon (IMNN) to Hold from Buy without a price target The company announced “encouraging” six-month follow-up data from its Phase 1 COVID-19 vaccine study, but the update is immaterial to the investment thesis, which remains centered on Imunon’s ovarian cancer program, the analyst tells investors in a research note. The firm says the “more pressing development” is the recently filed prospectus for potentially dilutive financing that could create a significant number of new shares. Given the scale of dilution and uncertainty around shareholder approval, D. Boral downgraded the stock.