Shares in oncology firm Imugene (ASX:IMU) have risen by up to 6% to A$0.053, indicating the potential for their best day since September 15 pending continued gains.

The company recently closed the Share Purchase Plan of its capital raising for the acquisition of exclusive licensing rights to the cancer drug azer-cel.

This move has raised an additional A$18.2 million ($11.73 million).

Under the Share Purchase Plan, about 325 million shares will be issued at A$0.056 per share.

According to LSEG data, two out of two analysts rate the stock as a ‘Buy’, with a median price target of A$0.51.

The stock is positioned for gains after three consecutive sessions of losses should the gains persist.

The stock is down 65.5% year-to-date as of the last closure.

Imugene (ASX:IMU) is an oncology company that focuses on developing and commercializing novel cancer treatments.