Purple Biotech Ltd (NASDAQ:PPBT) Short Interest Down 95.3% in September

Purple Biotech Ltd (NASDAQ:PPBT) was the recipient of a significant decrease in short interest during the month of September. As of September 15th, there was short interest totalling 19,700 shares, a decrease of 95.3% from the August 31st total of 418,800 shares. Approximately 1.2% of the shares of the stock are sold short. Based on an average trading volume of 20,100 shares, the days-to-cover ratio is presently 1.0 days.

Analyst Ratings Changes

Separately, HC Wainwright reaffirmed a “buy” rating and set a $10.00 target price on shares of Purple Biotech in a research note on Thursday, July 11th.

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) in the 4th quarter, according to its most recent disclosure 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 about 8.54% of Purple Biotech at the end of the most recent reporting period. 9.64% of the stock is owned by hedge funds and other institutional investors.

Purple Biotech Trading Down 7.9 %

Purple Biotech stock opened at $5.20 on Friday. The company has a market cap of $6.55 million, a price-to-earnings ratio of -6.42 and a beta of 1.07. Purple Biotech has a 52-week low of $5.13 and a 52-week high of $36.00.

Purple Biotech (NASDAQ:PPBT) last released its quarterly earnings data on Friday, August 16th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.05.

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.