Prima BioMed (NASDAQ:IMMP) Share Price Passes Below 50 Day Moving Average - What's Next?

Key Points

• Prima BioMed Ltd (NASDAQ: IMMP) has crossed below its 50-day moving average, signaling potential concern for investors as the stock traded as low as $1.68.
• In a recent research note, Wall Street Zen downgraded Prima BioMed from a "hold" to a "sell" rating, indicating a bearish outlook on the stock.
• Hedge funds have been active in the company, with several firms recently purchasing new stakes, showing some level of interest despite the stock's struggles.

Prima BioMed Ltd (NASDAQ:IMMP - Get Free Report) shares crossed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $1.76 and traded as low as $1.68. Prima BioMed shares last traded at $1.70, with a volume of 85,305 shares.

Wall Street Analyst Weigh In

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

Prima BioMed Stock Performance

The company's 50 day moving average is $1.75 and its 200-day moving average is $1.79.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Jane Street Group LLC lifted its stake in shares of Prima BioMed by 14.7% in the first quarter. Jane Street Group LLC now owns 51,574 shares of the biotechnology company's stock valued at $91,000 after buying an additional 6,617 shares in the last quarter. Two Sigma Securities LLC bought a new position in shares of Prima BioMed during the fourth quarter valued at about $74,000. Finally, OLD Mission Capital LLC bought a new position in shares of Prima BioMed during the fourth quarter valued at about $36,000. 2.32% of the stock is 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.