Purple Biotech (NASDAQ:PPBT) Trading Up 9.7%

Shares of Purple Biotech Ltd. (NASDAQ:PPBT) were up 9.7% on Thursday . The company traded as high as $0.67 and last traded at $0.67. Approximately 98,128 shares traded hands during trading, a decline of 2% from the average daily volume of 100,000 shares. The stock had previously closed at $0.61.

Wall Street Analyst Weigh In

Separately, HC Wainwright reiterated a “buy” rating and issued a $10.00 target price on shares of Purple Biotech in a research report on Tuesday, March 5th.

Purple Biotech Stock Performance

The firm has a market capitalization of $16.91 million, a price-to-earnings ratio of -0.73 and a beta of 0.97. The company has a 50 day moving average price of $0.72 and a two-hundred day moving average price of $0.93.

Purple Biotech (NASDAQ:PPBT) last announced its 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). On average, equities analysts expect that Purple Biotech Ltd. will post -0.46 earnings per share for the current fiscal year.

Institutional Trading of Purple Biotech

Large investors have recently added to or reduced their stakes in the stock. Armistice Capital LLC purchased a new position in shares of Purple Biotech during the 4th quarter worth $1,468,000. WuXi AppTec Co. Ltd. purchased a new position in Purple Biotech during the 4th quarter valued at about $151,000. Kingswood Wealth Advisors LLC boosted its holdings in Purple Biotech by 34.0% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 175,100 shares of the company’s stock valued at $137,000 after acquiring an additional 44,450 shares during the period. Morgan Stanley boosted its holdings in Purple Biotech by 34.4% during the 4th quarter. Morgan Stanley now owns 21,870 shares of the company’s stock valued at $30,000 after acquiring an additional 5,600 shares during the period. Finally, Virtu Financial LLC purchased a new position in Purple Biotech during the 2nd quarter valued at about $33,000. 9.64% of the stock is currently owned by hedge funds and other 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 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.