Purple Biotech (NASDAQ:PPBT) Trading Down 4.9% Following Weak Earnings

Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT)’s stock price was down 4.9% on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $2.14 and last traded at $2.15. Approximately 38,004 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 266,856 shares. The stock had previously closed at $2.26.

The company reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.19).

Hedge Funds Weigh In On Purple Biotech

A hedge fund recently bought a new stake in Purple Biotech stock. Two Sigma Securities LLC purchased a new stake in Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 15,374 shares of the company’s stock, valued at approximately $72,000. Two Sigma Securities LLC owned approximately 1.16% of Purple Biotech at the end of the most recent quarter. 9.64% of the stock is owned by institutional investors.

Purple Biotech Stock Down 4.9%

The stock has a market capitalization of $5.57 million, a P/E ratio of -0.82 and a beta of 0.49. The firm’s 50 day simple moving average is $2.45 and its two-hundred day simple moving average is $2.66.

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.