Short Interest in Purple Biotech Ltd (NASDAQ:PPBT) Rises By 20.3%

Purple Biotech Ltd (NASDAQ:PPBT) saw a large increase in short interest in May. As of May 31st, there was short interest totalling 309,900 shares, an increase of 20.3% from the May 15th total of 257,600 shares. Based on an average trading volume of 183,200 shares, the short-interest ratio is presently 1.7 days.

Analyst Ratings Changes

Separately, HC Wainwright reissued a “buy” rating and issued a $10.00 price objective on shares of Purple Biotech in a report on Tuesday, May 21st.

Purple Biotech Price Performance

PPBT traded down $0.02 during trading hours on Friday, hitting $0.60. 20,116 shares of the stock were exchanged, compared to its average volume of 228,047. The stock has a market cap of $15.17 million, a price-to-earnings ratio of -0.74 and a beta of 1.10. The stock has a 50-day simple moving average of $0.59 and a 200-day simple moving average of $0.71. Purple Biotech has a 12 month low of $0.30 and a 12 month 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). Sell-side analysts expect that Purple Biotech will post -0.52 EPS for the current year.

Hedge Funds Weigh In On Purple Biotech

Large investors have recently bought and sold shares of the business. Kingswood Wealth Advisors LLC raised its position in shares of Purple Biotech by 34.0% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 175,100 shares of the company’s stock worth $137,000 after purchasing an additional 44,450 shares during the period. WuXi AppTec Co. Ltd. bought a new position in Purple Biotech during the 4th quarter worth $151,000. Finally, Armistice Capital LLC bought a new position in Purple Biotech during the 4th quarter worth $1,468,000. 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.