Prima BioMed Ltd (NASDAQ:IMMP) Short Interest Down 36.4% in August

Prima BioMed Ltd (NASDAQ:IMMP) saw a large decline in short interest during the month of August. As of August 14th, there was short interest totaling 760,586 shares, a decline of 36.4% from the July 30th total of 1,195,547 shares. Based on an average trading volume of 136,177 shares, the short-interest ratio is presently 5.6 days. Approximately 0.5% of the shares of the stock are short sold.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Prima BioMed stock. Jane Street Group LLC boosted its position in shares of Prima BioMed Ltd (NASDAQ:IMMP) by 14.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 51,574 shares of the biotechnology company’s stock after buying 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 filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 2.32% of the company’s stock.

Prima BioMed Stock Performance

NASDAQ IMMP traded up $0.00 during trading on Wednesday, hitting $0.38. 29,409 shares of the company’s stock traded hands, compared to its average volume of 5,689,172. The stock has a fifty day moving average of $0.40 and a two-hundred day moving average of $0.76. Prima BioMed has a 12-month low of $0.29 and a 12-month high of $3.53.

Prima BioMed (NASDAQ:IMMP) last released its earnings results on Thursday, July 30th. The biotechnology company reported ($0.09) earnings per share for the quarter. The firm had revenue of $3.68 million during the quarter.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Maxim Group upgraded Prima BioMed from a “hold” rating to a “buy” rating in a research report on Wednesday, June 17th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Prima BioMed in a report on Friday, July 10th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Prima BioMed currently has a consensus rating of “Hold” and an average price target of $5.50.

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.