Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) Sees Significant Growth in Short Interest

Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) saw a large increase in short interest during the month of August. As of August 14th, there was short interest totaling 26,155 shares, an increase of 148.4% from the July 30th total of 10,531 shares. Based on an average daily trading volume, of 127,237 shares, the days-to-cover ratio is currently 0.2 days. Currently, 2.9% of the shares of the company are sold short.

Purple Biotech Price Performance

NASDAQ:PPBT opened at $1.68 on Friday. Purple Biotech has a 12-month low of $1.16 and a 12-month high of $22.00. The firm has a market capitalization of $1.56 million, a P/E ratio of -0.07 and a beta of 0.67. The business has a 50 day simple moving average of $1.55 and a 200 day simple moving average of $3.14.

Purple Biotech (NASDAQ:PPBT) last issued its earnings results on Friday, August 7th. The company reported $1.07 earnings per share for the quarter, topping the consensus estimate of ($0.98) by $2.05. Research analysts anticipate that Purple Biotech will post -5.73 EPS for the current fiscal year.

Institutional Trading of Purple Biotech

An institutional investor recently bought a new position in Purple Biotech stock. Virtu Financial LLC bought a new stake in shares of Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) in the third quarter, according to its most recent Form 13F filing with the SEC. The fund 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 SEC filing. 9.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded shares of Purple Biotech from a “sell (e+)” rating to a “sell (e)” rating in a research report on Monday, August 17th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Purple Biotech has an average rating of “Hold” and an average price target 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.