Prima BioMed Ltd (NASDAQ:IMMP) Shares Shorted: Short Interest Down 95.2% in September

Prima BioMed Ltd (NASDAQ:IMMP) was the target of a significant drop in short interest during the month of September. As of September 30th, there was short interest totaling 46,784 shares, a drop of 95.2% from the September 15th total of 971,238 shares. Based on an average trading volume of 23,076 shares, the short-interest ratio is currently 2.0 days. Approximately 0.7% of the shares of the stock are short sold.

Analysts Set New Price Targets

Several research analysts have commented on IMMP shares. Maxim Group raised shares of Prima BioMed from a “hold” rating to a “buy” rating in a research note on Wednesday, June 17th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Prima BioMed in a report on Tuesday. Finally, Jefferies Financial Group upgraded shares of Prima BioMed from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 14th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned 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 currently has an average rating of “Hold” and an average price target of $110.00.

Prima BioMed Stock Performance

Shares of Prima BioMed stock traded down $0.21 during trading on Friday, reaching $3.63. 23,406 shares of the stock were exchanged, compared to its average volume of 29,062. Prima BioMed has a 1 year low of $3.55 and a 1 year high of $70.60. The stock’s fifty day moving average is $6.60 and its 200 day moving average is $7.80.

Prima BioMed (NASDAQ:IMMP) last announced its quarterly earnings results on Thursday, July 30th. The biotechnology company reported ($1.80) earnings per share (EPS) for the quarter. The company had revenue of $3.68 million during the quarter.

Prima BioMed Company Profile

Prima BioMed Limited was an Australian biotechnology company focused on developing immunotherapies for cancer and other serious diseases. The company’s research centered on treatments designed to activate or enhance the immune system’s ability to recognize and attack abnormal cells.

Its principal programs included LAG-3–targeted therapies, including IMP321, later known as eftilagimod alpha or efti, an investigational soluble LAG-3 protein intended to stimulate immune responses when used alone or in combination with other cancer treatments.