Prima BioMed (NASDAQ:IMMP) Shares Down 4.2% – Here’s Why

Prima BioMed Ltd (NASDAQ:IMMP) shares dropped 4.2% during trading on Tuesday. The company traded as low as $4.66 and last traded at $4.6760. 14,465 shares traded hands during trading, a decline of 94% from the average daily volume of 258,731 shares. The stock had previously closed at $4.88.

Wall Street Analyst Weigh In

Several research firms recently weighed in on IMMP. Weiss Ratings reiterated a “sell (e+)” rating on shares of Prima BioMed in a report on Friday, July 10th. Maxim Group upgraded shares of Prima BioMed from a “hold” rating to a “buy” rating in a research report on Wednesday, June 17th. Finally, Jefferies Financial Group raised shares of Prima BioMed from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 14th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Prima BioMed currently has an average rating of “Hold” and a consensus target price of $110.00.

Prima BioMed Stock Down 6.0%

The business has a fifty day simple moving average of $7.22 and a 200-day simple moving average of $8.73.

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

Prima BioMed Company Profile

Prima BioMed Limited was an Australian biotechnology company focused on developing novel 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 lead development program was eftilagimod alpha, also known as IMP321, a soluble LAG-3 protein intended to stimulate antigen-presenting cells and support broader immune responses. Prima BioMed evaluated the therapy in combination with existing cancer treatments, including chemotherapy and immune checkpoint inhibitors, across several solid-tumor indications.

The company conducted clinical-development activities internationally, including in Australia, Europe and the United States.