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

Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) saw a large drop in short interest in the month of December. As of December 31st, there was short interest totaling 159,633 shares, a drop of 73.4% from the December 15th total of 600,079 shares. Approximately 1.3% of the company’s shares are sold short. Based on an average daily trading volume, of 151,492 shares, the short-interest ratio is currently 1.1 days. Based on an average daily trading volume, of 151,492 shares, the short-interest ratio is currently 1.1 days. Approximately 1.3% of the company’s shares are sold short.

Purple Biotech Trading Down 1.6%

Shares of PPBT opened at $0.68 on Tuesday. The stock has a market cap of $8.74 million, a P/E ratio of -2.13 and a beta of 0.64. Purple Biotech has a 1 year low of $0.53 and a 1 year high of $3.91. The stock’s 50-day moving average price is $0.76 and its two-hundred day moving average price is $1.25.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Purple Biotech stock. Virtu Financial LLC bought a new stake in Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) in the 3rd quarter, according to the company in its most recent disclosure 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 approximately 0.38% of Purple Biotech as of its most recent filing with the Securities and Exchange Commission (SEC). 9.64% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PPBT. Wall Street Zen lowered Purple Biotech to a “strong sell” rating in a research note on Friday, November 28th. Weiss Ratings reissued a “sell (e+)” rating on shares of Purple Biotech in a report on Monday, December 29th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has a consensus rating of “Sell”.

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 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.