Prima BioMed (NASDAQ:IMMP) Share Price Passes Below Fifty Day Moving Average – Here’s Why

Prima BioMed Ltd (NASDAQ:IMMP) crossed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $2.85 and traded as low as $2.68. Prima BioMed shares last traded at $2.76, with a volume of 113,600 shares trading hands.

Analyst Ratings Changes

A number of research firms have weighed in on IMMP. Citizens Jmp lowered shares of Prima BioMed from an “outperform” rating to a “market perform” rating in a research note on Friday. Maxim Group cut Prima BioMed from a “buy” rating to a “hold” rating in a report on Friday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Prima BioMed in a research report on Monday, December 29th. Robert W. Baird lowered Prima BioMed from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $7.00 to $1.00 in a research note on Friday. Finally, Wall Street Zen upgraded Prima BioMed from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Prima BioMed presently has a consensus rating of “Reduce” and a consensus price target of $5.50.

Prima BioMed Stock Down 82.6%

The stock has a 50-day simple moving average of $2.80 and a 200 day simple moving average of $2.29.

Prima BioMed (NASDAQ:IMMP) last released its quarterly earnings results on Friday, January 30th. The biotechnology company reported ($0.10) earnings per share for the quarter. The firm had revenue of $1.36 million during the quarter. As a group, equities research analysts expect that Prima BioMed Ltd will post -0.4 EPS for the current fiscal year.

Institutional Investors Weigh In On Prima BioMed

A hedge fund recently raised its stake in Prima BioMed stock. Jane Street Group LLC increased its position in shares of Prima BioMed Ltd (NASDAQ:IMMP) by 14.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. 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 quarter. 2.32% of the stock is currently owned by hedge funds and other institutional investors.

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.