Purple Biotech (NASDAQ:PPBT) Shares Down 6.8% – Here’s Why

Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT)’s stock price fell 6.8% during trading on Friday . The stock traded as low as $1.3431 and last traded at $1.44. 160,263 shares changed hands during mid-day trading, a decline of 96% from the average session volume of 3,966,984 shares. The stock had previously closed at $1.5450.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of Purple Biotech from a “sell (e)” rating to a “sell (e+)” rating in a research note on Monday, August 31st. 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 company. Based on data from MarketBeat.com, Purple Biotech currently has a consensus rating of “Hold” and a consensus price target of $30.00.

Purple Biotech Stock Down 6.8%

The stock’s 50-day moving average is $1.56 and its 200 day moving average is $2.74. The stock has a market capitalization of $1.34 million, a PE ratio of -0.06 and a beta of 0.71.

Purple Biotech (NASDAQ:PPBT) last released its earnings results on Friday, August 7th. The company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.98) by $2.05. As a group, equities research analysts forecast that Purple Biotech Ltd. Sponsored ADR will post -5.73 EPS for the current year.

Purple Biotech Company Profile

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.