Prima BioMed (NASDAQ:IMMP) Stock Rating Lowered by Robert W. Baird

Prima BioMed (NASDAQ:IMMP) was downgraded by equities research analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating in a report released on Friday, Marketbeat.com reports. They currently have a $1.00 price target on the biotechnology company’s stock, down from their previous price target of $7.00. Robert W. Baird’s price objective points to a potential upside of 89.75% from the stock’s current price.

IMMP has been the topic of several other reports. Weiss Ratings restated a “sell (d-)” rating on shares of Prima BioMed in a report on Monday, December 29th. Citizens Jmp cut Prima BioMed from an “outperform” rating to a “market perform” rating in a report on Friday. Finally, Wall Street Zen raised Prima BioMed from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $5.50.

Prima BioMed Price Performance

IMMP stock traded down $2.23 during mid-day trading on Friday, reaching $0.53. The company had a trading volume of 26,476,771 shares, compared to its average volume of 670,710. The firm has a 50 day moving average of $2.85 and a 200 day moving average of $2.29. Prima BioMed has a 12 month low of $0.46 and a 12 month high of $3.53.

Prima BioMed (NASDAQ:IMMP) last posted its quarterly earnings results on Friday, January 30th. The biotechnology company reported ($0.10) earnings per share for the quarter. The firm had revenue of $1.36 million for the quarter. As a group, equities analysts anticipate that Prima BioMed will post -0.4 EPS for the current year.

Hedge Funds Weigh In On Prima BioMed

An institutional investor recently raised its position in Prima BioMed stock. Jane Street Group LLC raised its stake in shares of Prima BioMed Ltd (NASDAQ:IMMP) by 14.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 51,574 shares of the biotechnology company’s stock after acquiring an additional 6,617 shares during the quarter. Jane Street Group LLC’s holdings in Prima BioMed were worth $91,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 2.32% of the company’s stock.

About Prima BioMed

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.