Prima BioMed (NASDAQ:IMMP) Downgraded by Robert W. Baird to “Neutral”

Robert W. Baird downgraded shares of Prima BioMed (NASDAQ:IMMP) from an outperform rating to a neutral rating in a research note issued to investors on Friday morning, MarketBeat Ratings reports. Robert W. Baird currently has $1.00 target price on the biotechnology company’s stock, down from their prior target price of $7.00.

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

Prima BioMed Trading Down 82.6%

Shares of NASDAQ:IMMP opened at $0.48 on Friday. Prima BioMed has a 12 month low of $0.46 and a 12 month high of $3.53. The company’s fifty day moving average price is $2.80 and its 200 day moving average price is $2.29.

Prima BioMed (NASDAQ:IMMP) last released its quarterly earnings data on Friday, January 30th. The biotechnology company reported ($0.10) earnings per share (EPS) for the quarter. The business had revenue of $1.36 million for the quarter. On average, analysts anticipate that Prima BioMed 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 grew its holdings in Prima BioMed Ltd (NASDAQ:IMMP) by 14.7% in the first quarter, according to its most recent disclosure with the SEC. The fund 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 at the end of the most recent reporting period. 2.32% of the stock is currently owned by institutional investors and hedge funds.

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.