Short Interest in Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) Declines By 19.7%

Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) saw a significant drop in short interest in April. As of April 15th, there was short interest totaling 7,972 shares, a drop of 19.7% from the March 31st total of 9,933 shares. Approximately 0.6% of the shares of the stock are sold short. Based on an average daily trading volume, of 12,020 shares, the short-interest ratio is presently 0.7 days.

Analysts Set New Price Targets

Several research firms have weighed in on PPBT. HC Wainwright dropped their price target on Purple Biotech from $34.00 to $30.00 and set a “buy” rating for the company in a research report on Friday, March 13th. Zacks Research raised Purple Biotech from a “strong sell” rating to a “hold” rating in a research report 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 issued a Sell rating to the stock. According to MarketBeat.com, Purple Biotech has a consensus rating of “Hold” and an average price target of $30.00.

Institutional Investors Weigh In On Purple Biotech

A hedge fund recently bought a new stake in Purple Biotech stock. Virtu Financial LLC bought 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 & Exchange Commission. The firm bought 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. 9.64% of the stock is currently owned by hedge funds and other institutional investors.

Purple Biotech Stock Down 2.4%

Shares of NASDAQ:PPBT traded down $0.10 during midday trading on Thursday, reaching $4.13. The company’s stock had a trading volume of 3,245 shares, compared to its average volume of 12,835. The firm has a market cap of $5.31 million, a price-to-earnings ratio of -0.20 and a beta of 0.69. Purple Biotech has a 1 year low of $3.60 and a 1 year high of $29.00. The business has a 50 day moving average price of $4.37 and a 200 day moving average price of $6.09.

Purple Biotech (NASDAQ:PPBT) last announced its quarterly earnings data on Friday, March 13th. The company reported ($19.85) EPS for the quarter, missing analysts’ consensus estimates of ($3.40) by ($16.45). Sell-side analysts anticipate that Purple Biotech will post -16.5 earnings per share for the current fiscal year.

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.