Prima BioMed Ltd (NASDAQ:IMMP) Sees Significant Decline in Short Interest

Prima BioMed Ltd (NASDAQ:IMMP) was the target of a significant decrease in short interest in July. As of July 31st, there was short interest totaling 1,195,547 shares, a decrease of 44.4% from the July 15th total of 2,150,202 shares. Currently, 0.8% of the company’s stock are short sold. Based on an average daily volume of 219,590 shares, the days-to-cover ratio is presently 5.4 days.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prima BioMed in a research report on Friday, July 10th. Maxim Group raised shares of Prima BioMed from a “hold” rating to a “buy” rating in a research report on Wednesday, June 17th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $5.50.

Prima BioMed Trading Up 2.8%

Shares of NASDAQ:IMMP opened at $0.40 on Wednesday. The stock has a fifty day simple moving average of $0.40 and a two-hundred day simple moving average of $0.93. Prima BioMed has a 12-month low of $0.29 and a 12-month high of $3.53.

Hedge Funds Weigh In On Prima BioMed

A hedge fund recently raised its stake in Prima BioMed stock. Jane Street Group LLC lifted its position in Prima BioMed Ltd (NASDAQ:IMMP) by 14.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 51,574 shares of the biotechnology company’s stock after buying an additional 6,617 shares during the period. Jane Street Group LLC’s holdings in Prima BioMed were worth $91,000 as of its most recent SEC filing. Institutional investors and hedge funds own 2.32% of the company’s stock.

Prima BioMed Company Profile

Prima BioMed, trading as IMMP on NASDAQ, is a clinical-stage biotechnology company specializing in the development of immunotherapy products for cancer treatment. The company’s core technology platform centers on targeting the lymphocyte activation gene-3 (LAG-3), a checkpoint receptor that modulates T-cell activity. Prima BioMed’s lead candidate, eftilagimod alpha (IMP321), is a soluble LAG-3 protein designed to enhance antigen-presenting cell function and stimulate a tumor-specific immune response.