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

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.

Shares of Prima BioMed Ltd (NASDAQ:IMMP - Get Free Report) passed below its fifty day moving average during trading on Thursday . The stock has a fifty 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 Analysts Forecast Growth

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

Prima BioMed Price Performance

The company has a 50 day moving average price of $1.75 and a 200 day moving average price of $1.80.

Institutional Investors Weigh In On Prima BioMed

Hedge funds and other institutional investors have recently made changes to their positions in the company. Two Sigma Securities LLC bought a new position in shares of Prima BioMed in the 4th quarter worth $74,000. OLD Mission Capital LLC bought a new position in shares of Prima BioMed in the 4th quarter worth $36,000. Finally, Jane Street Group LLC boosted its position in shares of 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 purchasing an additional 6,617 shares during the last quarter. 2.32% of the stock is 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.