Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) Short Interest Update

Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) was the recipient of a large drop in short interest in 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. Approximately 0.7% of the company’s shares are short sold. Based on an average daily volume of 23,986 shares, the short-interest ratio is currently 0.3 days. Based on an average daily volume of 23,986 shares, the short-interest ratio is currently 0.3 days. Approximately 0.7% of the company’s shares are short sold.

Hedge Funds Weigh In On Purple Biotech

A hedge fund recently bought a new stake in Purple Biotech stock. SmartHarvest Portfolios LLC bought a new position in shares of Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 47,454 shares of the company’s stock, valued at approximately $31,000. SmartHarvest Portfolios LLC owned 0.37% of Purple Biotech as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors own 9.64% of the company’s stock.

Analysts Set New Price Targets

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

Purple Biotech Stock Up 1.4%

Shares of PPBT stock opened at $4.03 on Wednesday. The firm has a 50 day moving average of $5.33 and a two-hundred day moving average of $6.38. The stock has a market capitalization of $5.16 million, a PE ratio of -0.20 and a beta of 0.66. Purple Biotech has a 52 week low of $3.65 and a 52 week high of $29.40.

Purple Biotech (NASDAQ:PPBT) last posted its quarterly earnings data on Friday, March 13th. The company reported ($19.85) earnings per share for the quarter, missing analysts’ consensus estimates of ($3.40) by ($16.45). Analysts expect that Purple Biotech will post -0.83 EPS for the current fiscal year.

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.