Prima BioMed (NASDAQ:IMMP) Stock Price Passes Below 50 Day Moving Average - Time to Sell?

Key Points

• Prima BioMed's share price fell below its 50-day moving average, trading at $1.65 compared to the average of $1.70.
• Wall Street Zen downgraded Prima BioMed from a "hold" to a "sell" rating, although the stock maintains an average rating of "Buy" with a price target of $7.00.
• Jane Street Group LLC increased its stake in Prima BioMed by 14.7%, indicating continued institutional interest despite recent stock performance.

Prima BioMed Ltd (NASDAQ:IMMP - Get Free Report) crossed below its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $1.70 and traded as low as $1.65. Prima BioMed shares last traded at $1.72, with a volume of 121,745 shares.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen lowered shares of Prima BioMed from a "hold" rating to a "sell" rating in a research report on Saturday, June 14th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Prima BioMed presently has an average rating of "Buy" and a consensus price target of $7.00.

Prima BioMed Stock Down 1.2%

The firm's fifty day simple moving average is $1.70 and its 200 day simple moving average is $1.74.

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 Prima BioMed Ltd (NASDAQ:IMMP - Free Report) by 14.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm 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 at the end of the most recent quarter. Institutional investors and hedge funds own 2.32% of the company's stock.

Prima BioMed Company Profile

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.