Purple Biotech Ltd (NASDAQ:PPBT) Sees Significant Increase in Short Interest

Purple Biotech Ltd (NASDAQ:PPBT) was the recipient of a significant increase in short interest in the month of May. As of May 31st, there was short interest totalling 309,900 shares, an increase of 20.3% from the May 15th total of 257,600 shares. Based on an average daily volume of 183,200 shares, the days-to-cover ratio is presently 1.7 days.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reaffirmed a “buy” rating and set a $10.00 price objective on shares of Purple Biotech in a research report on Tuesday, May 21st.

Institutional Investors Weigh In On Purple Biotech

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

Purple Biotech Price Performance

PPBT stock traded down $0.06 during midday trading on Monday, reaching $0.54. 225,703 shares of the company were exchanged, compared to its average volume of 146,042. The business has a 50-day moving average price of $0.59 and a two-hundred day moving average price of $0.71. Purple Biotech has a one year low of $0.30 and a one year high of $1.80. The firm has a market capitalization of $13.63 million, a price-to-earnings ratio of -0.67 and a beta of 1.09.

Purple Biotech (NASDAQ:PPBT) last announced its earnings results on Tuesday, May 21st. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.01). As a group, analysts anticipate that Purple Biotech will post -0.52 earnings per share for the current fiscal 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.