HC Wainwright Reiterates Buy Rating for Purple Biotech (NASDAQ:PPBT)

HC Wainwright reissued their buy rating on shares of Purple Biotech (NASDAQ:PPBT) in a research report report published on Tuesday morning, Benzinga reports. The firm currently has a $10.00 price objective on the stock. HC Wainwright also issued estimates for Purple Biotech’s Q3 2024 earnings at ($0.13) EPS, Q4 2024 earnings at ($0.12) EPS, FY2024 earnings at ($0.52) EPS, FY2026 earnings at ($0.43) EPS, FY2027 earnings at ($0.25) EPS and FY2028 earnings at ($0.16) EPS.

Purple Biotech Stock Performance

Purple Biotech stock opened at $0.75 on Tuesday. Purple Biotech has a 12-month low of $0.30 and a 12-month high of $1.90. The company has a 50-day moving average price of $0.59 and a 200 day moving average price of $0.75.

Purple Biotech (NASDAQ:PPBT) last released its quarterly earnings data on Tuesday, March 5th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.15). On average, equities research analysts expect that Purple Biotech will post -0.52 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Kingswood Wealth Advisors LLC boosted its stake in Purple Biotech by 34.0% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 175,100 shares of the company’s stock worth $137,000 after buying an additional 44,450 shares during the period. WuXi AppTec Co. Ltd. purchased a new position in shares of Purple Biotech in the fourth quarter valued at approximately $151,000. Finally, Armistice Capital LLC purchased a new position in shares of Purple Biotech in the fourth quarter valued at approximately $1,468,000. 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.