Short Interest in Prima BioMed Ltd (NASDAQ:IMMP) Declines By 44.4%

Key Points

• Short interest fell 44.4% to 1,195,547 shares as of July 31, representing 0.8% of outstanding shares and 5.4 days to cover.
• Jane Street Group increased its stake by 14.7% to 51,574 shares, while institutional investors and hedge funds collectively owned 2.32% of the company.
• Analyst sentiment remains mixed, with one Buy, two Hold, and one Sell rating; the consensus rating is Hold with a $5.50 target price. The stock traded around $0.38, near its 52-week low of $0.29.

Prima BioMed Ltd (NASDAQ:IMMP - Get Free Report) saw a large drop in short interest during the month of July. As of July 31st, there was short interest totaling 1,195,547 shares, a drop of 44.4% from the July 15th total of 2,150,202 shares. Currently, 0.8% of the company's shares are sold short. Based on an average daily volume of 219,590 shares, the days-to-cover ratio is currently 5.4 days.

Institutional Investors Weigh In On Prima BioMed

An institutional investor recently raised its stake in Prima BioMed stock. Jane Street Group LLC increased its stake in shares of Prima BioMed Ltd (NASDAQ:IMMP - Free Report) by 14.7% during the 1st quarter, according to its most recent filing with the 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 and hedge funds own 2.32% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Weiss Ratings restated a "sell (e+)" rating on shares of Prima BioMed in a report on Friday, July 10th. Maxim Group upgraded Prima BioMed from a "hold" rating to a "buy" rating in a report on Wednesday, June 17th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $5.50.

Prima BioMed Stock Up 1.1%

NASDAQ IMMP traded up $0.00 during trading hours on Monday, hitting $0.38. The company had a trading volume of 49,858 shares, compared to its average volume of 6,132,723. The firm's 50 day moving average is $0.40 and its 200 day moving average is $0.97. Prima BioMed has a fifty-two week low of $0.29 and a fifty-two week high of $3.53.

About Prima BioMed

Prima BioMed, trading as IMMP on NASDAQ, is a clinical-stage biotechnology company specializing in the development of immunotherapy products for cancer treatment. The company's core technology platform centers on targeting the lymphocyte activation gene-3 (LAG-3), a checkpoint receptor that modulates T-cell activity. Prima BioMed's lead candidate, eftilagimod alpha (IMP321), is a soluble LAG-3 protein designed to enhance antigen-presenting cell function and stimulate a tumor-specific immune response.

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