Purple Biotech (NASDAQ:PPBT) Trading Up 8.1%

Purple Biotech Ltd. (NASDAQ:PPBT)’s share price was up 8.1% during mid-day trading on Tuesday . The company traded as high as $0.49 and last traded at $0.49. Approximately 82,150 shares changed hands during trading, a decline of 25% from the average daily volume of 109,869 shares. The stock had previously closed at $0.45.

Wall Street Analyst Weigh In

Separately, HC Wainwright reaffirmed a “buy” rating and set a $10.00 target price on shares of Purple Biotech in a research report on Tuesday, March 5th.

Purple Biotech Stock Up 8.1 %

The stock has a market cap of $12.37 million, a P/E ratio of -0.53 and a beta of 0.94. The business has a 50-day simple moving average of $0.68 and a 200-day simple moving average of $0.87.

Purple Biotech (NASDAQ:PPBT) last posted its quarterly earnings data on Tuesday, March 5th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.15). On average, analysts predict that Purple Biotech Ltd. will post -0.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Purple Biotech

Several hedge funds have recently modified their holdings of the business. Kingswood Wealth Advisors LLC boosted its position in shares of Purple Biotech by 34.0% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 175,100 shares of the company’s stock valued at $137,000 after acquiring an additional 44,450 shares during the period. WuXi AppTec Co. Ltd. bought a new stake in shares of Purple Biotech in the fourth quarter valued at approximately $151,000. Finally, Armistice Capital LLC bought a new stake in shares of Purple Biotech in the fourth quarter valued at approximately $1,468,000. 9.64% of the stock is owned by institutional investors.

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 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.