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

Key Points

• Prima BioMed (IMMP) shares crossed below their 50-day moving average, trading as low as $0.45 and last at $0.4874 (down ~7.1%), versus a 50-day MA of $1.22 and 200-day MA of $2.00.
• Analysts have trimmed coverage recently—Robert W. Baird cut IMMP to "neutral" and lowered its price target from $7.00 to $1.00—and the consensus rating is "Reduce" with an average price target of $5.50.
• Fundamentals show a Q-end EPS loss of ($0.10) and revenue of $1.37 million, institutional ownership is low at 2.32%, though Jane Street increased its stake to 51,574 shares (~$91,000).

Prima BioMed Ltd (NASDAQ:IMMP - Get Free Report) crossed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $1.22 and traded as low as $0.45. Prima BioMed shares last traded at $0.4874, with a volume of 2,206,065 shares.

Analysts Set New Price Targets

IMMP has been the subject of a number of analyst reports. Robert W. Baird cut Prima BioMed from an "outperform" rating to a "neutral" rating and reduced their price target for the stock from $7.00 to $1.00 in a report on Friday, March 13th. Wall Street Zen raised Prima BioMed to a "hold" rating in a report on Saturday, April 18th. Maxim Group cut Prima BioMed from a "buy" rating to a "hold" rating in a report on Friday, March 13th. Finally, Citizens Jmp cut Prima BioMed from an "outperform" rating to a "market perform" rating in a report on Friday, March 13th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and a consensus price target of $5.50.

Prima BioMed Trading Down 7.1%

The business has a fifty day simple moving average of $1.22 and a 200 day simple moving average of $2.00.

Prima BioMed (NASDAQ:IMMP - Get Free Report) last announced its earnings results on Friday, January 30th. The biotechnology company reported ($0.10) EPS for the quarter. The business had revenue of $1.37 million during the quarter.

Hedge Funds Weigh In On Prima BioMed

An institutional investor recently raised its position in Prima BioMed stock. Jane Street Group LLC raised its position in shares of Prima BioMed Ltd (NASDAQ:IMMP - Free Report) by 14.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent SEC filing. 2.32% of the stock is currently owned by institutional investors and hedge funds.

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.

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