Purple Biotech (NASDAQ:PPBT) Shares to Reverse Split on Monday, March 2nd

Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) shares are going to reverse split on the morning of Monday, March 2nd. The 1-10 reverse split was announced on Wednesday, February 11th. The number of shares owned by shareholders will be adjusted after the closing bell on Sunday, March 1st.

Purple Biotech Trading Up 0.5%

NASDAQ:PPBT opened at $0.58 on Friday. The stock’s 50-day moving average is $0.67 and its 200-day moving average is $0.95. Purple Biotech has a 1-year low of $0.53 and a 1-year high of $3.48. The stock has a market cap of $7.44 million, a P/E ratio of -1.81 and a beta of 0.66.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Wall Street Zen downgraded shares of Purple Biotech to a “strong sell” rating in a research note on Friday, November 28th. Weiss Ratings restated a “sell (e+)” rating on shares of Purple Biotech in a report on Monday, December 29th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Sell”.

Institutional Investors Weigh In On Purple Biotech

An institutional investor recently bought a new position in Purple Biotech stock. Virtu Financial LLC bought a new position in shares of Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 48,993 shares of the company’s stock, valued at approximately $28,000. Virtu Financial LLC owned 0.38% of Purple Biotech at the end of the most recent reporting period. Hedge funds and other 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.