Purple Biotech (NASDAQ:PPBT) Trading Up 8.1%

Shares of Purple Biotech Ltd. (NASDAQ:PPBT) were up 8.1% on Tuesday . The company traded as high as $0.49 and last traded at $0.49. Approximately 82,150 shares traded hands during mid-day trading, a decline of 25% from the average daily volume of 109,869 shares. The stock had previously closed at $0.45.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright restated a “buy” rating and issued a $10.00 target price on shares of Purple Biotech in a report on Tuesday, March 5th.

Purple Biotech Price Performance

The stock has a fifty day moving average price of $0.68 and a two-hundred day moving average price of $0.87. The company has a market cap of $12.37 million, a P/E ratio of -0.53 and a beta of 0.94.

Purple Biotech (NASDAQ:PPBT) last posted its earnings results on Tuesday, March 5th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.15). Equities analysts predict that Purple Biotech Ltd. will post -0.46 earnings per share for the current fiscal year.

Institutional Trading of Purple Biotech

Institutional investors and hedge funds have recently modified their holdings of the business. Kingswood Wealth Advisors LLC increased its position in shares of Purple Biotech by 34.0% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 175,100 shares of the company’s stock valued at $137,000 after acquiring an additional 44,450 shares during the last quarter. Armistice Capital LLC purchased a new stake in shares of Purple Biotech during the fourth quarter valued at approximately $1,468,000. Finally, WuXi AppTec Co. Ltd. purchased a new stake in shares of Purple Biotech during the fourth quarter valued at approximately $151,000. 9.64% of the stock is owned by hedge funds and other institutional investors.

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 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.