Tech Guru
Long/short equity, biotech, healthcare, tech

Prima BioMed: Catalysts On The Way

Prima BioMed (NASDAQ:PBMD) is an Australian-listed Biotech company which is cross-listed on the NASDAQ with an ADR. Given its international listing, its market cap ($125m), and, its liquidity (22k shares average, or $70k notional traded daily), it has received little exposure despite a compelling technology platform, solid cash position, and upcoming data catalysts. As management has gotten on the road and started to tell the story, the stock has responded somewhat (from $2.50 in mid-July to $3.20 at 7/30 close), but given the low volumes and overall outlook, I believe there is still room left to run…with some caveats that I will discuss later.

Background

First, some brief background. Prima styles itself as a leader in developing personalized...

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