Prima BioMed (NASDAQ:IMMP) Share Price Passes Below 50-Day Moving Average - Should You 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)'s share price passed 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 traded.

Analysts Set New Price Targets

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

Prima BioMed Stock Down 1.2%

The business's fifty day simple moving average is $1.70 and its 200-day simple moving average is $1.73.

Hedge Funds Weigh In On Prima BioMed

An institutional investor recently raised its position in Prima BioMed stock. Jane Street Group LLC grew its holdings in Prima BioMed Ltd (NASDAQ:IMMP - Free Report) by 14.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 51,574 shares of the biotechnology company's stock after buying an additional 6,617 shares during the period. Jane Street Group LLC's holdings in Prima BioMed were worth $91,000 as of its most recent filing with the Securities & Exchange Commission. 2.32% of the stock is currently owned by institutional investors.

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.