Purple Biotech (NASDAQ:PPBT) Rating Reiterated by HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Purple Biotech (NASDAQ:PPBT) in a research note published on Friday morning, Benzinga reports. They currently have a $10.00 price objective on the stock.

Purple Biotech Price Performance

Shares of Purple Biotech stock opened at $0.51 on Friday. The firm has a market cap of $12.87 million, a PE ratio of -0.55 and a beta of 0.94. Purple Biotech has a 1 year low of $0.30 and a 1 year high of $2.08. The stock has a fifty day moving average price of $0.66 and a 200-day moving average price of $0.85.

Purple Biotech (NASDAQ:PPBT) last posted its quarterly earnings results on Tuesday, March 5th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.15). As a group, equities analysts anticipate that Purple Biotech will post -0.46 EPS for the current fiscal year.

Hedge Funds Weigh In On Purple Biotech

Several institutional investors have recently bought and sold shares of the company. Kingswood Wealth Advisors LLC raised its stake in shares of Purple Biotech by 34.0% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 175,100 shares of the company’s stock valued at $137,000 after buying an additional 44,450 shares during the period. Armistice Capital LLC bought a new stake in Purple Biotech in the 4th quarter valued at about $1,468,000. Finally, WuXi AppTec Co. Ltd. bought a new position in Purple Biotech during the fourth quarter worth about $151,000. Hedge funds and other institutional investors 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.