Prima BioMed (NASDAQ:IMMP) Cut to Neutral at Robert W. Baird

Prima BioMed (NASDAQ:IMMP) was downgraded by equities researchers at Robert W. Baird from an “outperform” rating to a “neutral” rating in a research note issued to investors on Friday, Marketbeat Ratings reports. They currently have a $1.00 target price on the biotechnology company’s stock, down from their previous target price of $7.00. Robert W. Baird’s target price would suggest a potential upside of 89.75% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. Citizens Jmp downgraded Prima BioMed from an “outperform” rating to a “market perform” rating in a research report on Friday. Wall Street Zen upgraded Prima BioMed from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Prima BioMed in a research report on Monday, December 29th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Prima BioMed presently has an average rating of “Reduce” and a consensus target price of $5.50.

Prima BioMed Trading Down 80.9%

IMMP traded down $2.23 during trading hours on Friday, hitting $0.53. The company’s stock had a trading volume of 26,476,771 shares, compared to its average volume of 670,710. The business’s 50-day moving average price is $2.85 and its 200-day moving average price is $2.29. Prima BioMed has a 12 month low of $0.46 and a 12 month high of $3.53.

Prima BioMed (NASDAQ:IMMP) last issued its quarterly earnings data on Friday, January 30th. The biotechnology company reported ($0.10) EPS for the quarter. The business had revenue of $1.36 million for the quarter. Sell-side analysts expect that Prima BioMed will post -0.4 earnings per share for the current fiscal year.

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) by 14.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 51,574 shares of the biotechnology company’s stock after purchasing 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. Hedge funds and other institutional investors own 2.32% of the company’s stock.

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.