Prima BioMed Ltd (NASDAQ:IMMP) Short Interest Update

Prima BioMed Ltd (NASDAQ:IMMP) was the target of a large decline in short interest in the month of March. As of March 31st, there was short interest totaling 1,305,903 shares, a decline of 74.9% from the March 15th total of 5,212,221 shares. Currently, 0.9% of the shares of the company are short sold. Based on an average trading volume of 1,789,757 shares, the days-to-cover ratio is currently 0.7 days.

Prima BioMed Trading Down 2.5%

Shares of Prima BioMed stock traded down $0.01 on Friday, reaching $0.31. 880,191 shares of the stock were exchanged, compared to its average volume of 1,297,068. Prima BioMed has a 1-year low of $0.30 and a 1-year high of $3.53. The business has a fifty day moving average price of $1.75 and a two-hundred day moving average price of $2.11.

Prima BioMed (NASDAQ:IMMP) last issued its quarterly earnings results on Friday, January 30th. The biotechnology company reported ($0.10) earnings per share (EPS) for the quarter. The firm had revenue of $1.37 million for the quarter. As a group, equities research analysts anticipate that Prima BioMed will post -0.4 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on IMMP. Maxim Group cut shares of Prima BioMed from a “buy” rating to a “hold” rating in a report on Friday, March 13th. Citizens Jmp cut shares of Prima BioMed from an “outperform” rating to a “market perform” rating in a report on Friday, March 13th. Robert W. Baird cut shares of Prima BioMed from an “outperform” rating to a “neutral” rating and cut their target price for the company from $7.00 to $1.00 in a report on Friday, March 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Prima BioMed in a report on Monday, December 29th. Finally, Wall Street Zen raised shares of Prima BioMed from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $5.50.

Hedge Funds Weigh In On Prima BioMed

A hedge fund recently raised its stake in Prima BioMed stock. Jane Street Group LLC lifted its stake in shares of Prima BioMed Ltd (NASDAQ:IMMP) by 14.7% during the first quarter, according to the company in its most recent filing 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 quarter. 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 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.