Pharmaceutical Stock Flies Higher on Drug Announcement

the only analyst in coverage carries a "buy" rating

Assistant Editor
Jun 19, 2020 at 11:28 AM
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The shares of Australian biopharmaceutical company Immuron Limited (NASDAQ:IMRN) are up 40.8% at $10.91 at last check, after announcing plans to create a diarrhea drug for evaluation by the U.S. Defense Department. The drug will be produced by CSIRO using vaccines developed by the U.S. Naval Medical Research Center, and the Naval Medical research center plans to submit a pre-investigational new drug (IND) information package to the U.S. Food and Drug Administration (FDA). 

IMRN has fallen far below its recent all-time high of $28.99 on June 9. Now a chip-shot away from its support at the 10-day moving average, the equity is climbing on the charts once again, up a whopping 504% in the last three months alone. It's also worth noting that trading was halted today due to the stock's massive swing in volatility. 

The lone analyst in coverage carries a "buy" rating. Meanwhile, the 12-month consensus price target of $6 is a 44.7% discount to current levels. 

 

 

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