Citizens Jmp Initiates Coverage on Prima BioMed (NASDAQ:IMMP)

Equities researchers at Citizens Jmp started coverage on shares of Prima BioMed (NASDAQ:IMMP) in a report released on Tuesday, MarketBeat.com reports. The brokerage set a “market outperform” rating and a $6.00 price target on the biotechnology company’s stock. Citizens Jmp’s price target would suggest a potential upside of 114.29% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. Wall Street Zen upgraded shares of Prima BioMed from a “sell” rating to a “hold” rating in a research note on Saturday, February 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Prima BioMed in a research report on Monday, December 29th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $6.00.

Prima BioMed Stock Performance

NASDAQ:IMMP opened at $2.80 on Tuesday. The stock’s 50 day moving average price is $2.86 and its 200 day moving average price is $2.18. Prima BioMed has a 52 week low of $1.32 and a 52 week high of $3.53.

Institutional Trading of Prima BioMed

A hedge fund recently raised its stake in Prima BioMed stock. Jane Street Group LLC grew its stake in shares of 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 as of its most recent filing with the SEC. 2.32% of the stock is owned by institutional investors and hedge funds.

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.