Purple Biotech (NASDAQ:PPBT) Given “Buy” Rating at HC Wainwright

HC Wainwright reissued their buy rating on shares of Purple Biotech (NASDAQ:PPBT) in a research report report published on Friday, Benzinga reports. They currently have a $10.00 price target on the stock.

Purple Biotech Trading Down 5.0 %

NASDAQ:PPBT opened at $0.49 on Friday. Purple Biotech has a 1 year low of $0.30 and a 1 year high of $2.08. The firm has a 50 day moving average of $0.67 and a 200-day moving average of $0.86. The stock has a market capitalization of $12.37 million, a P/E ratio of -0.53 and a beta of 0.94.

Purple Biotech (NASDAQ:PPBT) last issued its quarterly earnings results on Tuesday, March 5th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.15). As a group, analysts forecast that Purple Biotech will post -0.46 EPS for the current fiscal year.

Institutional Trading of Purple Biotech

A number of hedge funds and other institutional investors have recently modified their holdings of PPBT. Armistice Capital LLC acquired a new stake in shares of Purple Biotech in the fourth quarter valued at approximately $1,468,000. WuXi AppTec Co. Ltd. acquired a new stake in Purple Biotech during the 4th quarter worth $151,000. Finally, Kingswood Wealth Advisors LLC grew its holdings in Purple Biotech by 34.0% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 175,100 shares of the company’s stock worth $137,000 after acquiring an additional 44,450 shares during the period. Institutional investors and hedge funds own 9.64% of the company’s stock.

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.