Purple Biotech Ltd (NASDAQ:PPBT) Sees Significant Decrease in Short Interest

Purple Biotech Ltd (NASDAQ:PPBT) was the recipient of a significant drop in short interest in September. As of September 15th, there was short interest totalling 19,700 shares, a drop of 95.3% from the August 31st total of 418,800 shares. Approximately 1.2% of the shares of the company are short sold. Based on an average daily volume of 20,100 shares, the short-interest ratio is currently 1.0 days.

Purple Biotech Stock Down 7.9 %

Shares of NASDAQ:PPBT opened at $5.20 on Friday. The firm has a market capitalization of $6.55 million, a price-to-earnings ratio of -6.42 and a beta of 1.07. Purple Biotech has a one year low of $5.13 and a one year high of $36.00.

Purple Biotech (NASDAQ:PPBT) last posted its earnings results on Friday, August 16th. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.05.

Analyst Ratings Changes

Separately, HC Wainwright restated a “buy” rating and set a $10.00 target price on shares of Purple Biotech in a research report on Thursday, July 11th.

Institutional Investors Weigh In On Purple Biotech

An institutional investor recently bought a new position in Purple Biotech stock. Armistice Capital LLC purchased a new position in shares of Purple Biotech Ltd (NASDAQ:PPBT) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 1,882,173 shares of the company’s stock, valued at approximately $1,468,000. Armistice Capital LLC owned about 8.54% of Purple Biotech at the end of the most recent reporting period. Hedge funds and other institutional investors own 9.64% of the company’s stock.

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.