Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) Sees Significant Drop in Short Interest

Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) was the recipient of a significant decrease in short interest in June. As of June 30th, there was short interest totaling 27,089 shares, a decrease of 73.4% from the June 15th total of 101,771 shares. Currently, 3.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 63,484 shares, the short-interest ratio is currently 0.4 days.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Purple Biotech stock. Virtu Financial LLC purchased a new stake in Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 48,993 shares of the company’s stock, valued at approximately $28,000. Virtu Financial LLC owned about 0.38% of Purple Biotech at the end of the most recent quarter. Hedge funds and other institutional investors own 9.64% of the company’s stock.

Purple Biotech Stock Performance

Shares of PPBT traded down $0.09 during trading hours on Friday, reaching $1.55. The stock had a trading volume of 9,484 shares, compared to its average volume of 63,151. Purple Biotech has a 12 month low of $1.42 and a 12 month high of $29.00. The stock has a market capitalization of $1.45 million, a PE ratio of -0.08 and a beta of 0.68. The company’s 50-day moving average is $2.63 and its two-hundred day moving average is $4.35.

Purple Biotech (NASDAQ:PPBT) last issued its quarterly earnings data on Saturday, May 16th. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.29. Equities analysts anticipate that Purple Biotech will post -5.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently commented on PPBT. Weiss Ratings upgraded shares of Purple Biotech from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, June 26th. Zacks Research raised shares of Purple Biotech from a “strong sell” rating to a “hold” rating in a research note on Monday, April 13th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $30.00.

About Purple Biotech

Purple Biotech Ltd., a clinical-stage company, focuses on developing therapies to overcome tumor immune evasion and drug resistance for cancer patients in the United States. Its oncology pipeline includes CM24, a humanized monoclonal antibody that blocks the interactions of carcinoembryonic antigen related cell adhesion molecule 1 as a combination therapy with anti-PD-1 checkpoint inhibitors, which is in Phase 2 clinical trial for the treatment of pancreatic ductal adenocarcinoma; NT219, a small molecule that targets and inhibits insulin receptor substrate 1 and 2, and signal transducer and activator of transcription, which is in Phase 1/2 clinical trials for the treatment recurrent and/or metastatic squamous cell carcinoma of the head and neck cancer or colorectal adenocarcinoma; and IM1240, a multi-valent antibody designed to activate anti-tumoral immune response against 5T4-positive tumors, which is in preclinical stage.