Purple Biotech Ltd (NASDAQ:PPBT) Sees Large Growth in Short Interest

Purple Biotech Ltd (NASDAQ:PPBT) was the target of a significant increase in short interest in the month of May. As of May 31st, there was short interest totalling 309,900 shares, an increase of 20.3% from the May 15th total of 257,600 shares. Based on an average trading volume of 183,200 shares, the days-to-cover ratio is currently 1.7 days.

Analyst Ratings Changes

Separately, HC Wainwright restated a “buy” rating and set a $10.00 price target on shares of Purple Biotech in a research note on Tuesday, May 21st.

Purple Biotech Stock Performance

Purple Biotech stock traded down $0.03 during mid-day trading on Monday, hitting $0.57. 156,352 shares of the company were exchanged, compared to its average volume of 145,483. Purple Biotech has a 1-year low of $0.30 and a 1-year high of $1.80. The business has a fifty day moving average of $0.59 and a 200 day moving average of $0.71.

Purple Biotech (NASDAQ:PPBT) last released its quarterly earnings results on Tuesday, May 21st. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.01). As a group, analysts anticipate that Purple Biotech will post -0.52 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Armistice Capital LLC bought a new stake in Purple Biotech during the 4th quarter worth about $1,468,000. WuXi AppTec Co. Ltd. acquired a new position in shares of Purple Biotech during the fourth quarter worth approximately $151,000. Finally, Kingswood Wealth Advisors LLC grew its stake in shares of Purple Biotech by 34.0% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 175,100 shares of the company’s stock valued at $137,000 after purchasing an additional 44,450 shares during the last quarter. 9.64% of the stock is 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.