Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) Sees Large Decline in Short Interest

Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) was the recipient of a large drop in short interest in the month of June. As of June 30th, there was short interest totaling 27,089 shares, a drop of 73.4% from the June 15th total of 101,771 shares. Based on an average daily volume of 63,484 shares, the short-interest ratio is currently 0.4 days. Approximately 3.0% of the company’s shares are short sold.

Purple Biotech Stock Performance

Shares of NASDAQ PPBT traded down $0.04 during mid-day trading on Monday, reaching $1.52. The company had a trading volume of 45,885 shares, compared to its average volume of 63,151. The company has a market capitalization of $1.41 million, a price-to-earnings ratio of -0.08 and a beta of 0.68. The stock has a fifty day moving average of $2.58 and a two-hundred day moving average of $4.31. Purple Biotech has a 12-month low of $1.42 and a 12-month high of $29.00.

Purple Biotech (NASDAQ:PPBT) last announced its quarterly earnings data on Saturday, May 16th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.29. Sell-side analysts forecast that Purple Biotech will post -5.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Purple Biotech

A hedge fund recently bought a new position in Purple Biotech stock. Virtu Financial LLC bought a new stake in Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund 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. Hedge funds and other institutional investors own 9.64% of the company’s stock.

Wall Street Analysts Forecast Growth

PPBT has been the topic of several recent analyst reports. Zacks Research raised shares of Purple Biotech from a “strong sell” rating to a “hold” rating in a research note on Monday, April 13th. Weiss Ratings raised Purple Biotech from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, June 26th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Purple Biotech has a consensus rating of “Hold” and a consensus target price 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.