Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) Short Interest Up 557.7% in May

Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) was the recipient of a significant growth in short interest during the month of May. As of May 29th, there was short interest totaling 49,071 shares, a growth of 557.7% from the May 14th total of 7,461 shares. Based on an average daily volume of 676,551 shares, the days-to-cover ratio is currently 0.1 days. Currently, 3.9% of the company’s shares are short sold.

Institutional Investors Weigh In On Purple Biotech

An institutional investor recently bought a new position in Purple Biotech stock. SmartHarvest Portfolios LLC acquired a new position in Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 47,454 shares of the company’s stock, valued at approximately $31,000. SmartHarvest Portfolios LLC owned about 0.37% of Purple Biotech as of its most recent filing with the SEC. 9.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on PPBT. HC Wainwright lowered their price objective on Purple Biotech from $34.00 to $30.00 and set a “buy” rating for the company in a research report on Friday, March 13th. Zacks Research upgraded Purple Biotech from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. Finally, Weiss Ratings upgraded Purple Biotech from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, May 22nd. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $30.00.

Purple Biotech Trading Down 3.3%

Shares of PPBT stock traded down $0.10 during trading hours on Wednesday, reaching $2.89. The company’s stock had a trading volume of 1,243 shares, compared to its average volume of 71,545. The stock has a market capitalization of $3.70 million, a P/E ratio of -0.15 and a beta of 0.61. Purple Biotech has a one year low of $2.52 and a one year high of $29.00. The firm’s fifty day simple moving average is $3.81 and its 200 day simple moving average is $5.35.

Purple Biotech (NASDAQ:PPBT) last issued its quarterly earnings data on Saturday, May 16th. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.29. As a group, equities research analysts forecast that Purple Biotech will post -5.31 earnings per share for the current fiscal year.

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.