Prima BioMed (NASDAQ:IMMP) Stock Passes Below 50-Day Moving Average – Here’s What Happened

Prima BioMed Ltd (NASDAQ:IMMP) shares crossed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $2.55 and traded as low as $0.3760. Prima BioMed shares last traded at $0.3947, with a volume of 1,423,774 shares trading hands.

Analyst Upgrades and Downgrades

IMMP has been the topic of several recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Prima BioMed in a report on Monday, December 29th. Maxim Group lowered Prima BioMed from a “buy” rating to a “hold” rating in a research report on Friday, March 13th. Wall Street Zen upgraded Prima BioMed from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. Robert W. Baird lowered Prima BioMed from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $7.00 to $1.00 in a research report on Friday, March 13th. Finally, Citizens Jmp cut Prima BioMed from an “outperform” rating to a “market perform” rating in a research note on Friday, March 13th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Prima BioMed currently has a consensus rating of “Reduce” and an average price target of $5.50.

Prima BioMed Trading Down 4.3%

The firm’s 50 day moving average is $2.55 and its two-hundred day moving average is $2.24.

Prima BioMed (NASDAQ:IMMP) last posted its quarterly earnings results 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. As a group, analysts predict that Prima BioMed Ltd will post -0.4 earnings per share for the current year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Prima BioMed stock. Jane Street Group LLC boosted its stake in shares of Prima BioMed Ltd (NASDAQ:IMMP) by 14.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 51,574 shares of the biotechnology company’s stock after purchasing an additional 6,617 shares during the quarter. Jane Street Group LLC’s holdings in Prima BioMed were worth $91,000 as of its most recent SEC filing. Institutional investors own 2.32% of the company’s stock.

Prima BioMed Company Profile

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.