Purple Biotech (NASDAQ:PPBT) Trading Down 7%

Shares of Purple Biotech Ltd (NASDAQ:PPBT) fell 7% during trading on Wednesday . The stock traded as low as $0.37 and last traded at $0.38. 318,905 shares were traded during trading, an increase of 62% from the average session volume of 197,197 shares. The stock had previously closed at $0.41.

Analyst Ratings Changes

Separately, HC Wainwright decreased their price target on shares of Purple Biotech from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Monday, August 19th.

Purple Biotech Stock Performance

The company’s fifty day moving average is $0.39 and its two-hundred day moving average is $0.54. The company has a market cap of $9.59 million, a price-to-earnings ratio of -0.47 and a beta of 1.07.

Purple Biotech (NASDAQ:PPBT) last issued its quarterly earnings results on Friday, August 16th. The company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.05. On average, sell-side analysts anticipate that Purple Biotech Ltd will post -0.32 EPS for the current fiscal year.

Institutional Investors Weigh In On Purple Biotech

A hedge fund recently bought a new stake in Purple Biotech stock. Armistice Capital LLC bought a new stake in shares of Purple Biotech Ltd (NASDAQ:PPBT) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 1,882,173 shares of the company’s stock, valued at approximately $1,468,000. Armistice Capital LLC owned approximately 8.54% of Purple Biotech at the end of the most recent reporting period. 9.64% of the stock is currently owned by institutional investors.

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.