ImmunoPrecise Antibodies (NASDAQ:IPA) Trading Down 2% – Here’s Why

ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA)’s share price fell 2% during mid-day trading on Tuesday . The stock traded as low as $0.40 and last traded at $0.42. 312,178 shares changed hands during mid-day trading, a decline of 9% from the average session volume of 343,275 shares. The stock had previously closed at $0.43.

Analyst Ratings Changes

Several analysts have commented on the company. HC Wainwright reiterated a “buy” rating and set a $9.00 target price on shares of ImmunoPrecise Antibodies in a research note on Tuesday, September 17th. Benchmark lowered their price target on shares of ImmunoPrecise Antibodies from $5.00 to $3.00 and set a “speculative buy” rating on the stock in a report on Wednesday, August 14th.

ImmunoPrecise Antibodies Stock Performance

The stock has a market capitalization of $12.69 million, a price-to-earnings ratio of -0.56 and a beta of 0.13. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.82 and a current ratio of 0.99. The firm’s 50 day moving average is $0.60 and its 200-day moving average is $0.87.

ImmunoPrecise Antibodies (NASDAQ:IPA) last released its quarterly earnings results on Monday, September 16th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). ImmunoPrecise Antibodies had a negative return on equity of 65.37% and a negative net margin of 114.67%. The company had revenue of $3.85 million for the quarter, compared to analyst estimates of $4.96 million. Analysts forecast that ImmunoPrecise Antibodies Ltd. will post -0.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ImmunoPrecise Antibodies

An institutional investor recently raised its position in ImmunoPrecise Antibodies stock. Renaissance Technologies LLC increased its stake in shares of ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) by 70.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,910 shares of the company’s stock after acquiring an additional 26,310 shares during the quarter. Renaissance Technologies LLC owned about 0.24% of ImmunoPrecise Antibodies worth $65,000 at the end of the most recent quarter. Institutional investors and hedge funds own 6.70% of the company’s stock.

About ImmunoPrecise Antibodies

ImmunoPrecise Antibodies Ltd., together with its subsidiaries, operates as a biotherapeutic research and technology company in Canada and internationally. It provides NonaVac DNA for complex protein classes, including GPCRs and ion channels; and Rapid Prime, a positive monoclonal antibodies for generating anti-idiotypic antibodies, and producing monoclonal antibodies against conformational epitopes.