Short Interest in Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) Grows By 107.4%

Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) was the recipient of a significant growth in short interest in June. As of June 15th, there was short interest totaling 101,771 shares, a growth of 107.4% from the May 31st total of 49,071 shares. Based on an average daily volume of 954,316 shares, the days-to-cover ratio is currently 0.1 days. Approximately 11.3% of the shares of the stock are sold short.

Hedge Funds Weigh In On Purple Biotech

A hedge fund recently bought a new stake in Purple Biotech stock. SmartHarvest Portfolios LLC purchased a new stake in shares of Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 47,454 shares of the company’s stock, valued at approximately $31,000. SmartHarvest Portfolios LLC owned approximately 0.37% of Purple Biotech at the end of the most recent reporting period. 9.64% of the stock is owned by institutional investors.

Purple Biotech Stock Up 1.1%

PPBT stock traded up $0.02 during mid-day trading on Tuesday, hitting $1.76. The company had a trading volume of 74,646 shares, compared to its average volume of 160,071. The company has a market capitalization of $1.64 million, a price-to-earnings ratio of -0.09 and a beta of 0.61. Purple Biotech has a 12-month low of $1.42 and a 12-month high of $29.00. The company has a 50-day moving average price of $3.17 and a 200 day moving average price of $4.73.

Purple Biotech (NASDAQ:PPBT) last issued its quarterly earnings data on Saturday, May 16th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.29. As a group, analysts expect that Purple Biotech will post -5.31 EPS for the current year.

Analyst Upgrades and Downgrades

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

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.