Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) Short Interest Up 557.7% in May

Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) was the recipient of a large growth in short interest during the month of May. As of May 29th, there was short interest totaling 49,071 shares, a growth of 557.7% from the May 14th total of 7,461 shares. Approximately 3.9% of the shares of the stock are sold short. Based on an average daily volume of 676,551 shares, the days-to-cover ratio is currently 0.1 days.

Purple Biotech Stock Down 3.3%

Shares of Purple Biotech stock traded down $0.10 during trading on Wednesday, hitting $2.89. 1,243 shares of the stock traded hands, compared to its average volume of 71,545. The stock has a market cap of $3.70 million, a price-to-earnings ratio of -0.15 and a beta of 0.61. The firm’s fifty day moving average is $3.81 and its 200-day moving average is $5.35. Purple Biotech has a 52 week low of $2.52 and a 52 week high of $29.00.

Purple Biotech (NASDAQ:PPBT) last issued its earnings results on Saturday, May 16th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.38) by $0.29. On average, analysts forecast that Purple Biotech will post -5.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on PPBT shares. HC Wainwright reduced their price objective on Purple Biotech from $34.00 to $30.00 and set a “buy” rating on the stock in a research report on Friday, March 13th. Weiss Ratings upgraded Purple Biotech from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, May 22nd. Finally, Zacks Research upgraded Purple Biotech from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Purple Biotech presently has a consensus rating of “Hold” and an average price target of $30.00.

Institutional Trading of Purple Biotech

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

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.