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

Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) shares are set to reverse split on the morning of Monday, March 2nd. The 1-10 reverse split was announced on Wednesday, February 25th. The number of shares owned by shareholders will be adjusted after the closing bell on Friday, February 27th.

Purple Biotech Trading Up 3.0%

PPBT opened at $0.52 on Thursday. The firm’s 50-day moving average price is $0.63 and its 200 day moving average price is $0.86. The firm has a market capitalization of $6.70 million, a PE ratio of -1.63 and a beta of 0.66. Purple Biotech has a twelve month low of $0.46 and a twelve month high of $3.07.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PPBT. Weiss Ratings reissued a “sell (e+)” rating on shares of Purple Biotech in a research report on Monday, December 29th. Wall Street Zen downgraded shares of Purple Biotech to a “strong sell” rating in a research note on Friday, November 28th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Purple Biotech currently has a consensus rating of “Sell”.

Institutional Trading of Purple Biotech

A hedge fund recently bought a new stake in Purple Biotech stock. SmartHarvest Portfolios LLC acquired a new stake in Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 47,454 shares of the company’s stock, valued at approximately $31,000. SmartHarvest Portfolios LLC owned approximately 0.37% of Purple Biotech as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 9.64% of the company’s stock.

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.