Purple Biotech (NASDAQ:PPBT) Price Target Raised to $33.00

Purple Biotech (NASDAQ:PPBT) had its price target hoisted by HC Wainwright from $8.00 to $33.00 in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a buy rating on the stock. HC Wainwright also issued estimates for Purple Biotech’s Q3 2024 earnings at ($1.20) EPS, Q4 2024 earnings at ($0.62) EPS, FY2025 earnings at ($2.19) EPS, FY2026 earnings at ($2.05) EPS, FY2027 earnings at ($1.88) EPS and FY2028 earnings at ($1.81) EPS.

Purple Biotech Price Performance

Shares of NASDAQ PPBT opened at $6.89 on Friday. Purple Biotech has a 1-year low of $6.05 and a 1-year high of $36.00. The firm has a market cap of $173.89 million, a price-to-earnings ratio of -8.51 and a beta of 1.07.

Purple Biotech (NASDAQ:PPBT) last announced its quarterly earnings data on Friday, August 16th. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.05. Analysts anticipate that Purple Biotech will post -0.32 earnings per share for the current year.

Hedge Funds Weigh In On Purple Biotech

An institutional investor recently bought a new position in Purple Biotech stock. Armistice Capital LLC purchased a new position in Purple Biotech Ltd (NASDAQ:PPBT) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,882,173 shares of the company’s stock, valued at approximately $1,468,000. Armistice Capital LLC owned 8.54% of Purple Biotech at the end of the most recent reporting period. 9.64% of the stock is currently owned by institutional investors and hedge funds.

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.