Purple Biotech Ltd (NASDAQ:PPBT) Short Interest Update

Purple Biotech Ltd (NASDAQ:PPBT) was the target of a significant growth in short interest in June. As of June 30th, there was short interest totalling 790,900 shares, a growth of 188.6% from the June 15th total of 274,000 shares. Based on an average trading volume of 341,000 shares, the short-interest ratio is currently 2.3 days.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Purple Biotech

A number of hedge funds have recently modified their holdings of the stock. Armistice Capital LLC acquired a new position in shares of Purple Biotech in the 4th quarter valued at $1,468,000. WuXi AppTec Co. Ltd. acquired a new stake in Purple Biotech during the 4th quarter worth about $151,000. Finally, Kingswood Wealth Advisors LLC lifted its stake in Purple Biotech by 34.0% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 175,100 shares of the company’s stock valued at $137,000 after buying an additional 44,450 shares in the last quarter. 9.64% of the stock is currently owned by institutional investors and hedge funds.

Purple Biotech Stock Performance

Shares of NASDAQ:PPBT traded up $0.02 during trading hours on Friday, hitting $0.40. 144,604 shares of the company’s stock traded hands, compared to its average volume of 218,680. The company’s fifty day simple moving average is $0.55 and its two-hundred day simple moving average is $0.64. The company has a market cap of $10.08 million, a price-to-earnings ratio of -0.49 and a beta of 1.03. Purple Biotech has a 52 week low of $0.30 and a 52 week high of $1.80.

Purple Biotech (NASDAQ:PPBT) last issued its earnings results on Tuesday, May 21st. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.01). On average, analysts anticipate that Purple Biotech will post -0.52 EPS for the current fiscal year.

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.