Prima BioMed (NASDAQ:IMMP) Stock Passes Below Fifty Day Moving Average – Here’s What Happened

Prima BioMed Ltd (NASDAQ:IMMP) passed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $0.39 and traded as low as $0.3550. Prima BioMed shares last traded at $0.3551, with a volume of 107,492 shares traded.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on IMMP shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Prima BioMed in a research report on Friday, July 10th. Maxim Group upgraded shares of Prima BioMed from a “hold” rating to a “buy” rating in a report on Wednesday, June 17th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $5.50.

Prima BioMed Price Performance

The company’s 50 day simple moving average is $0.39 and its two-hundred day simple moving average is $0.64.

Shares of Prima BioMed are scheduled to reverse split before the market opens on Monday, September 28th. The 1-20 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Sunday, September 27th.

Prima BioMed (NASDAQ:IMMP) last released its quarterly earnings results on Thursday, July 30th. The biotechnology company reported ($0.09) earnings per share (EPS) for the quarter. The firm had revenue of $3.68 million during the quarter.

Institutional Trading of Prima BioMed

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