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

Key Points

• Shares of Prima BioMed Ltd (NASDAQ:IMMP) dropped below its 50-day moving average, trading as low as $1.61, with an average moving price of $1.70.
• Wall Street Zen has downgraded Prima BioMed from a "hold" to a "sell" rating, reflecting a shift in analyst sentiment despite an average target price of $7.00 from other ratings.
• Hedge fund Jane Street Group LLC increased its stake in Prima BioMed by 14.7%, signaling potential institutional interest amidst recent stock fluctuations.

Shares of Prima BioMed Ltd (NASDAQ:IMMP - Get Free Report) passed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $1.70 and traded as low as $1.61. Prima BioMed shares last traded at $1.61, with a volume of 127,779 shares trading hands.

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, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $7.00.

Prima BioMed Stock Performance

The business's 50 day moving average price is $1.70 and its two-hundred day moving average price is $1.73.

Institutional Investors Weigh In On Prima BioMed

An institutional investor recently raised its position in Prima BioMed stock. Jane Street Group LLC increased its holdings in shares of Prima BioMed Ltd (NASDAQ:IMMP - Free Report) by 14.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,574 shares of the biotechnology company's stock after acquiring an additional 6,617 shares during the period. Jane Street Group LLC's holdings in Prima BioMed were worth $91,000 at the end of the most recent reporting period. Institutional investors 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.