Immuneering (NASDAQ:IMRX) Stock Falls 7% on Disappointing Earnings

Key Points

• Immuneering shares fell 7% to $3.74 after the company reported quarterly EPS of ($0.37), missing the consensus estimate of ($0.31). Trading volume rose 45% above the average.
• Analyst sentiment remains broadly positive despite the earnings miss: Immuneering has a consensus “Buy” rating and an average price target of $15.57, although some firms maintain sell ratings.
• Institutional investors own 67.65% of the company, with several firms recently establishing new positions. Immuneering is developing cancer treatments, including its lead candidate IMM-1-104, a pan-RAF inhibitor.

Immuneering Corporation (NASDAQ:IMRX - Get Free Report) traded down 7% on Friday following a weaker than expected earnings announcement. The company traded as low as $3.72 and last traded at $3.74. Approximately 1,138,840 shares changed hands during trading, an increase of 45% from the average daily volume of 784,586 shares. The stock had previously closed at $4.02.

The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.06).

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on IMRX. HC Wainwright reissued a "buy" rating on shares of Immuneering in a research note on Friday. Wall Street Zen downgraded Immuneering from a "hold" rating to a "sell" rating in a research note on Monday, July 20th. Needham & Company LLC raised their price objective on shares of Immuneering from $11.00 to $18.00 and gave the company a "buy" rating in a report on Monday, July 20th. Cantor Fitzgerald began coverage on shares of Immuneering in a research report on Wednesday, July 8th. They set an "overweight" rating and a $17.00 target price on the stock. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Immuneering in a report on Monday, September 21st. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Immuneering currently has a consensus rating of "Buy" and an average price target of $15.57.

Institutional Investors Weigh In On Immuneering

A number of institutional investors have recently made changes to their positions in IMRX. PVG Asset Management Corp acquired a new stake in Immuneering during the 1st quarter valued at approximately $773,000. Weiss Asset Management LP bought a new position in Immuneering during the first quarter worth $464,000. Corient Private Wealth LP bought a new position in Immuneering during the second quarter worth $385,000. Hsbc Holdings PLC acquired a new position in Immuneering in the first quarter valued at $198,000. Finally, Vontobel Holding Ltd. acquired a new position in Immuneering in the third quarter valued at $71,000. Institutional investors own 67.65% of the company's stock.

Immuneering Stock Down 7.0%

The firm has a market cap of $241.98 million, a P/E ratio of -3.63 and a beta of 0.46. The stock's 50-day simple moving average is $4.28 and its 200 day simple moving average is $4.80.

About Immuneering

Immuneering Corporation is a clinical-stage biopharmaceutical company focused on developing medicines for cancer and other serious diseases. The company uses computational biology and drug-discovery technologies to identify therapeutic opportunities in complex biological pathways, with a particular emphasis on the RAS–RAF–MEK–ERK signaling pathway, which is frequently altered in cancer.

Immuneering's lead product candidate, IMM-1-104, is an orally administered pan-RAF inhibitor designed to provide deep and durable suppression of the MAP kinase pathway while potentially limiting treatment resistance.

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