Prima BioMed (NASDAQ:IMMP) Share Price Passes Below Fifty Day Moving Average - Here's What Happened

Key Points

• Prima BioMed Ltd's stock price has fallen below its 50-day moving average of $1.73, trading as low as $1.67 recently.
• Wall Street Zen has downgraded Prima BioMed's rating from "hold" to "sell", indicating negative sentiment about the stock.
• Institutional investors, including Jane Street Group, have recently increased their holdings, with 2.32% of the stock currently owned by institutional investors.

Shares of Prima BioMed Ltd (NASDAQ:IMMP - Get Free Report) passed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $1.73 and traded as low as $1.67. Prima BioMed shares last traded at $1.72, with a volume of 62,249 shares changing hands.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut Prima BioMed from a "hold" rating to a "sell" rating in a research report on Saturday, June 14th.

Prima BioMed Stock Performance

The firm has a 50-day moving average price of $1.72 and a 200-day moving average price of $1.79.

Hedge Funds Weigh In On Prima BioMed

Several hedge funds have recently modified their holdings of IMMP. OLD Mission Capital LLC acquired a new position in shares of Prima BioMed in the 4th quarter worth $36,000. Two Sigma Securities LLC purchased a new stake in Prima BioMed in the 4th quarter worth about $74,000. Finally, Jane Street Group LLC lifted its stake in Prima BioMed by 14.7% in the 1st quarter. Jane Street Group LLC now owns 51,574 shares of the biotechnology company's stock worth $91,000 after acquiring an additional 6,617 shares in the last quarter. 2.32% of the stock is currently owned by institutional investors and hedge funds.

About Prima BioMed

Immutep Limited, a clinical-stage biotechnology company, engages in developing novel LAG-3 Immunotherapy for cancer and autoimmune diseases. The company is involved in advancing therapeutics related to Lymphocyte Activation Gene-3 (LAG-3), a cell surface molecule that plays a vital role in regulating the immune system.