Shares of Prima BioMed Ltd (ADR) (NASDAQ:PBMD) opened trading this morning up over 12%, and while they have fallen slightly since 9:30 AM ET, the stock is still trading up significantly. While many investors are pointing to the fact that Roth Capital initiated coverage on the stock, with a “Buy” rating and price target of $6.00 yesterday, as the cause for this significant jump, others believe this is a technical move, or one that is part of a “pump” by investors.
The significance of this $6.00 price target on Prima BioMed Ltd (ADR) (NASDAQ:PBMD) by Roth Capital, is that it’s over 500% of yesterday’s closing price. This represent a huge upside for the company. It should be interesting to follow this stock as the day goes on, and see if it bounces higher or if it retreats back to yesterday’s closing price of $1.11.
The stock is up 8.52% or $0.09 following the news, hitting $1.2 per share. About 854,330 shares traded hands. pbmd has declined 55.06% since May 28, 2015 and is downtrending. It has underperformed the S&P500 by 52.94%.
Prima BioMed Limited is an Australia biotechnology company. The company has a market cap of $76.16 million. The Firm is engaged in research, development and commercialization of licensed medical biotechnology. It currently has negative earnings. The Firm focuses on cancer immunotherapy research.