Purple Biotech (NASDAQ:PPBT) Trading Down 3.1% – Time to Sell?

Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) dropped 3.1% during mid-day trading on Tuesday . The company traded as low as $4.00 and last traded at $4.00. Approximately 2,992 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 12,534 shares. The stock had previously closed at $4.13.

Wall Street Analyst Weigh In

PPBT has been the topic of a number of recent research reports. HC Wainwright decreased their target price on Purple Biotech from $34.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, March 13th. Zacks Research cut shares of Purple Biotech from a “hold” rating to a “strong sell” rating in a report on Friday, March 13th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Purple Biotech in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $30.00.

Purple Biotech Price Performance

The stock has a fifty day moving average price of $4.70 and a 200-day moving average price of $6.21. The company has a market cap of $5.14 million, a PE ratio of -0.20 and a beta of 0.69.

Purple Biotech (NASDAQ:PPBT) last released its earnings results on Friday, March 13th. The company reported ($19.85) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($3.40) by ($16.45). On average, equities analysts anticipate that Purple Biotech Ltd. Sponsored ADR 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 purchased a new stake in shares of Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 48,993 shares of the company’s stock, valued at approximately $28,000. Virtu Financial LLC owned about 0.38% of Purple Biotech at the end of the most recent reporting period. Institutional investors and hedge funds own 9.64% of the company’s stock.

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.