Purple Biotech Stock Set to Reverse Split on Monday, March 2nd (NASDAQ:PPBT)

Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) shares are set to reverse split before the market opens on Monday, March 2nd. The 1-10 reverse split was announced on Wednesday, February 25th. The number of shares owned by shareholders will be adjusted after the market closes on Friday, February 27th.

Purple Biotech Stock Performance

Shares of PPBT traded down $0.02 on Thursday, hitting $0.50. 124,484 shares of the stock traded hands, compared to its average volume of 100,004. Purple Biotech has a one year low of $0.46 and a one year high of $3.05. The company has a market capitalization of $6.40 million, a PE ratio of -1.56 and a beta of 0.66. The business has a 50 day simple moving average of $0.63 and a 200 day simple moving average of $0.86.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PPBT shares. Weiss Ratings restated a “sell (e+)” rating on shares of Purple Biotech in a research report on Monday, December 29th. Wall Street Zen downgraded Purple Biotech to a “strong sell” rating in a research report on Friday, November 28th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Purple Biotech presently has a consensus rating of “Sell”.

Hedge Funds Weigh In On Purple Biotech

An institutional investor recently bought a new position in Purple Biotech stock. SmartHarvest Portfolios LLC purchased a new position in shares of Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 47,454 shares of the company’s stock, valued at approximately $31,000. SmartHarvest Portfolios LLC owned approximately 0.37% of Purple Biotech as of its most recent SEC filing. 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.