Immune Therapeutics Inc (OTCMKTS:IMUN) Stock Gains As Company Expands its Board of Directors

Anyone who may be looking into pharmaceutical companies at this point could consider taking a look at Immune Therapeutics Inc (OTCMKTS:IMUN), which saw its stock come into sharp focus last Friday as it ended the day with gains of as much as 13%.

Market Action

On Friday, IMUN stock gained 12.50% to $1.80 with 322 shares, compared to its average volume of 1.6K shares. The stock moved within a range of $1.8000 – 1.9000 after opening trade at $1.90.

Immune Therapeutics, Inc. Announces Expansion of its Board of Directors

The stock came into focus on Friday after it made an announcement with regards to the expansion of its board of directors. Immune Therapeutics announced on Friday that it had decided to raise the number of directors on its board to five from two. The announcement came as a source of optimism for investors and led to a rally in the stock.

The company welcomed three new individuals to the board on May 31, 2022. The three who joined were Robert Wilson, Stephen Wilson, and Clifford Selsky. It should however be noted that all of them had been appointed on a temporary basis at this point in time.

Once the annual meeting of shareholders is held, the company would go for a formal vote for appointing the three new members to the board. It will be interesting to see if the stock does come into focus today and adds to its gains.

Key Quote

Kevin Phelps, CEO commented; “We are pleased to welcome our new members to the Board. The Company is at an inflection point in the development of its strategy and the experience and skills of these individuals will be invaluable moving forward. We are fortunate to be able to attract such talent.”

Traders Note

IMUN stock is trading above the 20-Day and 50-Day Moving averages of $1.79 and $1.73 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 50.

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