HC Wainwright Cuts Purple Biotech (NASDAQ:PPBT) Price Target to $30.00

Purple Biotech (NASDAQ:PPBT) had its target price reduced by stock analysts at HC Wainwright from $34.00 to $30.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock.

Several other research firms have also issued reports on PPBT. Weiss Ratings reissued a “sell (e+)” rating on shares of Purple Biotech in a research note on Monday, December 29th. Wall Street Zen lowered shares of Purple Biotech to a “strong sell” rating in a research note on Friday, November 28th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $30.00.

Purple Biotech Stock Performance

Purple Biotech stock opened at $4.10 on Friday. The company’s 50 day simple moving average is $5.74 and its 200-day simple moving average is $6.92. Purple Biotech has a 1 year low of $3.70 and a 1 year high of $30.50. The company has a market capitalization of $5.25 million, a price-to-earnings ratio of -0.20 and a beta of 0.66.

Purple Biotech (NASDAQ:PPBT) last posted its earnings results on Friday, March 13th. The company reported ($19.85) earnings per share for the quarter, missing the consensus estimate of ($3.40) by ($16.45). Equities analysts expect that Purple Biotech will post -0.83 earnings per share for the current year.

Hedge Funds 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) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 48,993 shares of the company’s stock, valued at approximately $28,000. Virtu Financial LLC owned 0.38% of Purple Biotech as of its most recent filing with the Securities and Exchange Commission (SEC). 9.64% of the stock is currently owned by hedge funds and other institutional investors.

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.