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

HC Wainwright reaffirmed their buy rating on shares of Purple Biotech (NASDAQ:PPBT) in a report issued on Friday, Benzinga reports. The brokerage currently has a $10.00 price target on the stock.

Purple Biotech Price Performance

Shares of NASDAQ:PPBT opened at $0.49 on Friday. The company has a market cap of $12.37 million, a price-to-earnings ratio of -0.53 and a beta of 0.94. The firm has a 50 day simple moving average of $0.67 and a 200 day simple moving average of $0.86. Purple Biotech has a one year low of $0.30 and a one year high of $2.08.

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

Hedge Funds Weigh In On Purple Biotech

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Kingswood Wealth Advisors LLC lifted its stake in Purple Biotech by 34.0% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 175,100 shares of the company’s stock valued at $137,000 after purchasing an additional 44,450 shares during the last quarter. WuXi AppTec Co. Ltd. bought a new position in shares of Purple Biotech during the fourth quarter valued at $151,000. Finally, Armistice Capital LLC bought a new position in shares of Purple Biotech during the fourth quarter valued at $1,468,000. Institutional investors own 9.64% of the company’s stock.

About Purple Biotech

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.