Purple Biotech (NASDAQ:PPBT) Trading 1.7% Higher – Here’s Why

Purple Biotech Ltd (NASDAQ:PPBT) shares shot up 1.7% on Friday . The company traded as high as $3.85 and last traded at $3.66. 52,132 shares traded hands during mid-day trading, a decline of 13% from the average session volume of 59,962 shares. The stock had previously closed at $3.60.

Analysts Set New Price Targets

Separately, HC Wainwright reiterated a “buy” rating and set a $33.00 target price on shares of Purple Biotech in a report on Friday, November 15th.

Purple Biotech Trading Up 1.7 %

The stock has a 50 day moving average price of $3.87. The stock has a market cap of $4.87 million, a P/E ratio of -0.42 and a beta of 1.01.

Hedge Funds Weigh In On Purple Biotech

An institutional investor recently bought a new position in Purple Biotech stock. Kingswood Wealth Advisors LLC bought a new stake in Purple Biotech Ltd (NASDAQ:PPBT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 33,594 shares of the company’s stock, valued at approximately $158,000. Kingswood Wealth Advisors LLC owned 2.53% of Purple Biotech as of its most recent filing with the Securities & Exchange Commission. 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.