Short Interest in Prima BioMed Ltd (NASDAQ:IMMP) Drops By 44.8%

Prima BioMed Ltd (NASDAQ:IMMP) was the recipient of a large decrease in short interest in July. As of July 15th, there was short interest totaling 2,150,202 shares, a decrease of 44.8% from the June 30th total of 3,897,062 shares. Currently, 1.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 407,315 shares, the short-interest ratio is presently 5.3 days.

Prima BioMed Price Performance

NASDAQ IMMP traded up $0.00 on Friday, reaching $0.38. The company’s stock had a trading volume of 172,916 shares, compared to its average volume of 6,604,361. Prima BioMed has a twelve month low of $0.29 and a twelve month high of $3.53. The firm’s 50 day moving average is $0.41 and its two-hundred day moving average is $1.17.

Institutional Trading of Prima BioMed

An institutional investor recently raised its position in Prima BioMed stock. Jane Street Group LLC raised its holdings in shares of Prima BioMed Ltd (NASDAQ:IMMP) by 14.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 51,574 shares of the biotechnology company’s stock after buying 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 SEC filing. Institutional investors own 2.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prima BioMed in a research note on Friday, July 10th. Maxim Group upgraded shares of Prima BioMed from a “hold” rating to a “buy” rating in a research note on Wednesday, June 17th. Finally, Wall Street Zen raised Prima BioMed to a “hold” rating in a report on Saturday, April 18th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $5.50.

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.