Short Interest in Purple Biotech Ltd (NASDAQ:PPBT) Rises By 28.5%

Purple Biotech Ltd (NASDAQ:PPBT) was the target of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 418,800 shares, an increase of 28.5% from the August 15th total of 326,000 shares. Based on an average daily trading volume, of 279,600 shares, the short-interest ratio is presently 1.5 days.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Purple Biotech stock. Armistice Capital LLC acquired a new stake in Purple Biotech Ltd (NASDAQ:PPBT) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 1,882,173 shares of the company’s stock, valued at approximately $1,468,000. Armistice Capital LLC owned approximately 8.54% of Purple Biotech as of its most recent SEC filing. Institutional investors and hedge funds own 9.64% of the company’s stock.

Purple Biotech Stock Up 3.6 %

Purple Biotech stock traded up $0.01 during mid-day trading on Monday, hitting $0.40. 488,080 shares of the stock were exchanged, compared to its average volume of 203,937. Purple Biotech has a 12 month low of $0.30 and a 12 month high of $1.80. The firm’s fifty day simple moving average is $0.39 and its two-hundred day simple moving average is $0.53. The stock has a market capitalization of $10.12 million, a price-to-earnings ratio of -0.50 and a beta of 1.07.

Purple Biotech (NASDAQ:PPBT) last released its quarterly earnings results on Friday, August 16th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.05. As a group, analysts forecast that Purple Biotech will post -0.32 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, HC Wainwright lowered their price target on shares of Purple Biotech from $10.00 to $8.00 and set a “buy” rating for the company in a report on Monday, August 19th.

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.