HC Wainwright Has Lowered Expectations for Purple Biotech (NASDAQ:PPBT) Stock Price

Purple Biotech (NASDAQ:PPBT) had its price objective lowered by HC Wainwright from $34.00 to $30.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock.

Several other analysts also recently weighed in on PPBT. Wall Street Zen downgraded shares of Purple Biotech to a “strong sell” rating in a research report on Friday, November 28th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Purple Biotech in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $30.00.

Purple Biotech Price Performance

NASDAQ:PPBT opened at $4.10 on Friday. The firm has a market capitalization of $5.25 million, a PE ratio of -0.20 and a beta of 0.66. The business’s fifty day moving average price is $5.74 and its 200 day moving average price is $6.92. Purple Biotech has a 12 month low of $3.70 and a 12 month high of $30.50.

Purple Biotech (NASDAQ:PPBT) last released its quarterly earnings data on Friday, March 13th. The company reported ($19.85) earnings per share (EPS) for the quarter, missing the consensus estimate of ($3.40) by ($16.45). As a group, equities analysts anticipate that Purple Biotech will post -0.83 EPS for the current year.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Purple Biotech stock. SmartHarvest Portfolios LLC acquired a new stake in Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 47,454 shares of the company’s stock, valued at approximately $31,000. SmartHarvest Portfolios LLC owned 0.37% of Purple Biotech as of its most recent filing with the Securities and Exchange Commission (SEC). 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.