Investment analysts at Wall Street Zen have downgraded the stock of Prima BioMed (NASDAQ: IMMP) from a “hold” rating to a “sell” rating, as stated in a research report issued on December 10, 2023. This change reflects a shift in confidence regarding the biotechnology company’s future performance. Additionally, Weiss Ratings reiterated a “sell (d-)” rating on Prima BioMed shares in a report released on December 15, 2023.
According to data from MarketBeat, Prima BioMed has received an average rating of “sell” from analysts, indicating a challenging outlook for the company.
Recent Trading Activity
In a notable development, Jane Street Group LLC, a hedge fund, has increased its stake in Prima BioMed. During the first quarter, it raised its position by 14.7%, acquiring an additional 6,617 shares. As a result, the fund now holds a total of 51,574 shares of Prima BioMed, valued at approximately $91,000 at the close of the recent reporting period.
Institutional investors and hedge funds collectively own 2.32% of Prima BioMed’s stock, indicating limited institutional interest in the company compared to larger market players.
About Prima BioMed
Prima BioMed, trading under the ticker IMMP on NASDAQ, is a clinical-stage biotechnology company focused on developing innovative immunotherapy products for cancer treatment. The company’s primary technology platform targets the lymphocyte activation gene-3 (LAG-3), a key checkpoint receptor that plays a role in modulating T-cell activity.
The lead candidate from Prima BioMed, eftilagimod alpha (IMP321), is a soluble LAG-3 protein designed to enhance the function of antigen-presenting cells and stimulate a tumor-specific immune response. As the company continues to advance its research and development efforts, market analysts will be closely monitoring its progress amid the recent downgrades.
