Short Interest in Purple Biotech Ltd (NASDAQ:PPBT) Rises By 28.5%

Purple Biotech Ltd (NASDAQ:PPBT) saw a large growth in short interest in August. As of August 31st, there was short interest totalling 418,800 shares, a growth of 28.5% from the August 15th total of 326,000 shares. Based on an average trading volume of 279,600 shares, the days-to-cover ratio is presently 1.5 days.

Purple Biotech Trading Up 3.6 %

NASDAQ PPBT traded up $0.01 during mid-day trading on Monday, hitting $0.40. The company’s stock had a trading volume of 488,080 shares, compared to its average volume of 203,937. The company’s 50 day simple moving average is $0.39 and its 200 day simple moving average is $0.53. Purple Biotech has a twelve month low of $0.30 and a twelve month high of $1.80. The firm has a market capitalization of $10.12 million, a price-to-earnings ratio of -0.50 and a beta of 1.07.

Purple Biotech (NASDAQ:PPBT) last posted its quarterly earnings results on Friday, August 16th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.05. As a group, research analysts forecast that Purple Biotech will post -0.32 EPS for the current year.

Institutional Trading of Purple Biotech

A hedge fund recently bought a new stake in Purple Biotech stock. Armistice Capital LLC acquired a new position in shares of Purple Biotech Ltd (NASDAQ:PPBT) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 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. Hedge funds and other institutional investors own 9.64% of the company’s stock.

Analysts Set New Price Targets

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

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.