Purple Biotech (NASDAQ:PPBT) Announces Earnings Results

Purple Biotech (NASDAQ:PPBT) released its quarterly earnings results on Friday. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.29, Zacks reports.

Purple Biotech Price Performance

PPBT opened at $3.94 on Friday. The company has a fifty day moving average price of $4.19 and a 200-day moving average price of $5.95. The firm has a market capitalization of $5.04 million, a P/E ratio of -0.21 and a beta of 0.68. Purple Biotech has a one year low of $3.49 and a one year high of $29.00.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Purple Biotech stock. Virtu Financial LLC bought a new stake in Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 48,993 shares of the company’s stock, valued at approximately $28,000. Virtu Financial LLC owned about 0.38% of Purple Biotech as of its most recent SEC filing. 9.64% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PPBT has been the subject of a number of recent analyst reports. Zacks Research upgraded shares of Purple Biotech from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. HC Wainwright reduced their price target on shares of Purple Biotech from $34.00 to $30.00 and set a “buy” rating for the company in a research report on Friday, March 13th. Finally, Weiss Ratings lowered shares of Purple Biotech from a “sell (e+)” rating to a “sell (e)” rating in a research report on Monday, May 4th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $30.00.

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.