Immuneering Corporation (IMRX) saw its stock decline by 2.99% today, closing at $1.95 after opening at $2.07. The stock experienced a high of $2.07 and a low of $1.95, with trading volume reaching 830,349 shares, which is 34.37% of its average volume. Despite announcing a positive update on January 13th from its Phase 2a trial of IMM-1-104 in combination with modified FOLFIRINOX for first-line pancreatic cancer, the stock did not see a corresponding upward movement. The update highlighted an overall response rate of 50% among evaluable patients, significantly higher than the historical benchmark of 32% for FOLFIRINOX alone. Additionally, Immuneering bolstered its cash position by raising nearly $14 million through its ATM facility.
The lack of positive price movement despite these developments may be attributed to broader market sentiment or investor skepticism. On January 14th, Needham & Company reaffirmed their buy rating on IMRX with a $15.00 target price, while other analysts have mixed ratings, with some maintaining a hold or sell stance. The stock's decline could also be influenced by a recent downgrade from Morgan Stanley on December 13th, which shifted their rating from "equal weight" to "underweight."