Short Interest in Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) Declines By 89.7%

Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) was the target of a large drop in short interest during the month of March. As of March 13th, there was short interest totaling 8,262 shares, a drop of 89.7% from the February 26th total of 79,903 shares. Based on an average daily trading volume, of 23,986 shares, the days-to-cover ratio is presently 0.3 days. Currently, 0.7% of the company’s stock are short sold.

Institutional Trading of Purple Biotech

A hedge fund recently bought a new stake in Purple Biotech stock. Virtu Financial LLC acquired a new stake in Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 48,993 shares of the company’s stock, valued at approximately $28,000. Virtu Financial LLC owned 0.38% of Purple Biotech at the end of the most recent reporting period. 9.64% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PPBT shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Purple Biotech in a research report on Monday, December 29th. Zacks Research downgraded shares of Purple Biotech from a “hold” rating to a “strong sell” rating in a report on Friday, March 13th. Wall Street Zen lowered shares of Purple Biotech to a “strong sell” rating in a research report on Friday, November 28th. Finally, HC Wainwright reduced their target price on shares of Purple Biotech from $34.00 to $30.00 and set a “buy” rating for the company in a report on Friday, March 13th. One equities research analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $30.00.

Purple Biotech Trading Down 3.6%

Shares of NASDAQ:PPBT traded down $0.15 during trading on Thursday, hitting $3.99. 5,668 shares of the company were exchanged, compared to its average volume of 12,846. Purple Biotech has a fifty-two week low of $3.65 and a fifty-two week high of $29.40. The stock has a market cap of $5.11 million, a price-to-earnings ratio of -0.20 and a beta of 0.66. The firm has a fifty day moving average price of $5.28 and a two-hundred day moving average price of $6.36.

Purple Biotech (NASDAQ:PPBT) last released its quarterly earnings data on Friday, March 13th. The company reported ($19.85) EPS for the quarter, missing the consensus estimate of ($3.40) by ($16.45). As a group, research analysts predict that Purple Biotech will post -0.83 EPS for the current year.

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.