Short Interest in Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) Drops By 32.6%

Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) was the target of a significant decline in short interest in July. As of July 15th, there was short interest totaling 18,265 shares, a decline of 32.6% from the June 30th total of 27,089 shares. Approximately 2.0% of the shares of the stock are short sold. Based on an average daily volume of 35,978 shares, the days-to-cover ratio is presently 0.5 days.

Purple Biotech Price Performance

NASDAQ PPBT opened at $1.40 on Friday. The business has a fifty day moving average price of $1.93 and a two-hundred day moving average price of $3.80. The stock has a market capitalization of $1.30 million, a PE ratio of -0.07 and a beta of 0.68. Purple Biotech has a fifty-two week low of $1.33 and a fifty-two week high of $24.00.

Purple Biotech (NASDAQ:PPBT) last issued its quarterly earnings results on Saturday, May 16th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.38) by $0.29. As a group, sell-side analysts expect that Purple Biotech will post -5.31 earnings per share for the current year.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Purple Biotech stock. Virtu Financial LLC bought a new position in shares of Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 48,993 shares of the company’s stock, valued at approximately $28,000. Virtu Financial LLC owned approximately 0.38% of Purple Biotech at the end of the most recent quarter. 9.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PPBT shares. Weiss Ratings cut shares of Purple Biotech from a “sell (e+)” rating to a “sell (e)” rating in a research report on Thursday, July 16th. Zacks Research raised shares of Purple Biotech from a “strong sell” rating to a “hold” rating in a report on Monday, April 13th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Purple Biotech presently has an average rating of “Hold” and an average 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.