Prima BioMed Ltd (NASDAQ:IMMP) Short Interest Update

Key Points

• Short interest fell 44.8% to 2.15 million shares as of July 15, from 3.90 million shares on June 30. Short interest represented 1.5% of shares outstanding, with a short-interest ratio of 5.3 days.
• IMMP shares declined 1.5% to $0.38 during Wednesday trading, well below the 50-day moving average of $0.41 and the 200-day average of $1.21. The stock’s 52-week range was $0.29 to $3.53.
• Analyst sentiment was mixed, with one Buy, two Hold, and one Sell rating; the consensus rating was Hold with a $5.50 price target. Jane Street Group increased its stake by 14.7%, while institutional investors collectively owned 2.32% of the company.

Prima BioMed Ltd (NASDAQ:IMMP - Get Free Report) was the target of a significant decrease in short interest in the month of July. As of July 15th, there was short interest totaling 2,150,202 shares, a decrease of 44.8% from the June 30th total of 3,897,062 shares. Based on an average daily trading volume, of 407,315 shares, the short-interest ratio is presently 5.3 days. Currently, 1.5% of the shares of the company are sold short.

Prima BioMed Stock Down 1.5%

Shares of IMMP stock traded down $0.01 during mid-day trading on Wednesday, hitting $0.38. The stock had a trading volume of 185,486 shares, compared to its average volume of 6,698,108. The company's 50-day simple moving average is $0.41 and its 200-day simple moving average is $1.21. Prima BioMed has a fifty-two week low of $0.29 and a fifty-two week high of $3.53.

Analysts Set New Price Targets

IMMP has been the topic of several recent research reports. Weiss Ratings restated a "sell (e+)" rating on shares of Prima BioMed in a research report on Friday, July 10th. Wall Street Zen upgraded Prima BioMed to a "hold" rating in a research note on Saturday, April 18th. Finally, Maxim Group raised Prima BioMed from a "hold" rating to a "buy" rating in a report on Wednesday, June 17th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Prima BioMed has an average rating of "Hold" and a consensus price target of $5.50.

Institutional Inflows and Outflows

An institutional investor recently raised its stake in Prima BioMed stock. Jane Street Group LLC raised its holdings in Prima BioMed Ltd (NASDAQ:IMMP - Free Report) by 14.7% during the first 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 purchasing 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. 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.

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