Purple Biotech (NASDAQ:PPBT) Issues Earnings Results, Beats Expectations By $0.29 EPS

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

Purple Biotech Stock Up 6.8%

NASDAQ PPBT traded up $0.25 during trading hours on Friday, hitting $3.94. The company’s stock had a trading volume of 14,213 shares, compared to its average volume of 11,594. The stock has a fifty day moving average of $4.19 and a 200 day moving average of $5.95. Purple Biotech has a twelve month low of $3.49 and a twelve month high of $29.00. The firm has a market capitalization of $5.04 million, a P/E ratio of -0.19 and a beta of 0.68.

Institutional Investors Weigh In On Purple Biotech

A hedge fund recently bought a new stake in Purple Biotech stock. Virtu Financial LLC bought a new position in Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 48,993 shares of the company’s stock, valued at approximately $28,000. Virtu Financial LLC owned 0.38% of Purple Biotech as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 9.64% of the company’s stock.

Analysts Set New Price Targets

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

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.