Oppenheimer Forecasts Strong Price Appreciation for Immuneering (NASDAQ:IMRX) Stock

Key Points

• Oppenheimer has raised its target price for Immuneering (IMRX) from $21.00 to $30.00, indicating a potential upside of 252.53% based on current stock prices.
• Despite this optimistic outlook, shares of Immuneering recently traded down 7.8% to $8.51, with a significant trading volume of over 10 million shares on that day.
• Insider transactions have seen Director Thomas J. Schall increase his holdings by purchasing 9,500 shares which reflects investor confidence, as insiders own 22.90% of the company's stock.

Immuneering (NASDAQ:IMRX - Get Free Report) had its target price hoisted by investment analysts at Oppenheimer from $21.00 to $30.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Oppenheimer's target price suggests a potential upside of 252.53% from the stock's current price.

A number of other equities research analysts have also weighed in on IMRX. Needham & Company LLC lifted their target price on Immuneering from $8.00 to $11.00 and gave the company a "buy" rating in a research report on Monday, September 15th. Mizuho upped their price objective on shares of Immuneering from $8.00 to $10.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 18th. Finally, Chardan Capital reissued a "buy" rating and set a $13.00 target price on shares of Immuneering in a research report on Thursday, August 14th. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $16.00.

Immuneering Trading Down 7.8%

Shares of NASDAQ IMRX traded down $0.72 during midday trading on Thursday, hitting $8.51. The company's stock had a trading volume of 10,180,910 shares, compared to its average volume of 1,290,895. The business's 50 day moving average is $5.28 and its two-hundred day moving average is $3.12. Immuneering has a 12-month low of $1.10 and a 12-month high of $10.08. The firm has a market cap of $353.76 million, a P/E ratio of -4.44 and a beta of 0.43.

Immuneering (NASDAQ:IMRX - Get Free Report) last issued its earnings results on Wednesday, August 13th. The company reported ($0.40) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.40). On average, analysts predict that Immuneering will post -1.86 earnings per share for the current fiscal year.

Insider Activity at Immuneering

In other news, Director Thomas J. Schall purchased 9,500 shares of the stock in a transaction that occurred on Friday, June 27th. The shares were purchased at an average cost of $3.66 per share, with a total value of $34,770.00. Following the completion of the acquisition, the director owned 52,885 shares of the company's stock, valued at approximately $193,559.10. This represents a 21.90% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders have purchased 25,700 shares of company stock worth $91,981. 22.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Immuneering

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Kingsview Wealth Management LLC acquired a new position in Immuneering in the 2nd quarter valued at about $47,000. Jane Street Group LLC purchased a new stake in shares of Immuneering during the first quarter worth $32,000. XTX Topco Ltd acquired a new stake in Immuneering in the 2nd quarter valued at about $90,000. Flower City Capital acquired a new stake in Immuneering in the second quarter valued at approximately $108,000. Finally, Two Sigma Investments LP lifted its position in shares of Immuneering by 25.0% during the 4th quarter. Two Sigma Investments LP now owns 50,557 shares of the company's stock worth $111,000 after purchasing an additional 10,126 shares during the last quarter. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.