Prima BioMed Ltd (ADR) (NASDAQ: PBMD)
Prima Biomed is having an incredible day in the market today after being the center of coverage by a top analyst. Today, FBR Capital announced that it has made the decision to cover PBMD. Today, we’ll discuss the analyst opinion of Prima BioMed and what we can expect to see from the stock moving forward.
FBR Capital Initiates PBMD Coverage
FBR Capital announced today that it has initiated coverage on PBMD. The analyst has set a rating on the stock of “Outperform”, giving it a price target of $6.00. In a statement, FBR Capital analyst Vernon Bernardino had the following to say…
“We are initiating coverage of Prima BioMed Ltd. (PBMD) with an Outperform rating and a price target of $6 per share. Whereas PBMD had one active clinical program in 2014, the company now has three novel product candidates in active clinical development, including IMP321, IMP731, and GSK 2831781, with the latter two rapidly being advanced by two partners committed to their full evaluation. We believe the current valuation of Prima BioMed is disconnected from our estimation of the significant value PBMD has created in advancing its clinical-stage product pipeline.”
What We Can Expect To See From PBMD Moving Forward
Moving forward, I have an overwhelmingly positive opinion of what we can expect to see from PBMD. While I generally don’t side with analyst opinions, in this particular case, there’s no reason not to. As a clinical stage biotechnology company, PBMD seems to be doing things right at the moment. Instead of putting all of its eggs in one basket, the company has spread its resources over three active clinical trials of three different novel treatments. This is a good sign that the company will continue to expand its horizons and make its way into approval for at least one medication relatively soon.
The stock is up 25.01% or $0.27 after the news, hitting $1.35 per share. About 14.79 million shares traded hands or 2508.11% up from the average. PBMD has risen 92.86% since April 30, 2015 and is uptrending. It has outperformed by 93.14% the S&P500.
Prima BioMed Limited is an Australia biotechnology company. The company has a market cap of $74.10 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.
What Do You Think?
Where do you think PBMD is headed and why? Let us know your opinion in the comments below!