Short Interest in Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) Drops By 73.4%

Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) saw a significant drop in short interest in the month of June. As of June 30th, there was short interest totaling 27,089 shares, a drop of 73.4% from the June 15th total of 101,771 shares. Based on an average daily trading volume, of 63,484 shares, the days-to-cover ratio is currently 0.4 days. Currently, 3.0% of the company’s shares are short sold.

Hedge Funds Weigh In On Purple Biotech

An institutional investor recently bought a new stake in Purple Biotech stock. SmartHarvest Portfolios LLC purchased a new stake in shares of Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 47,454 shares of the company’s stock, valued at approximately $31,000. SmartHarvest Portfolios LLC owned about 0.37% of Purple Biotech as of its most recent SEC filing. Hedge funds and other institutional investors own 9.64% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PPBT. Zacks Research upgraded Purple Biotech from a “strong sell” rating to a “hold” rating in a report on Monday, April 13th. Weiss Ratings raised Purple Biotech from a “sell (e)” rating to a “sell (e+)” rating in a report on Friday, June 26th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $30.00.

Purple Biotech Stock Performance

Shares of NASDAQ:PPBT traded down $0.10 on Tuesday, hitting $1.43. 30,778 shares of the company were exchanged, compared to its average volume of 152,083. The company’s 50 day moving average price is $2.58 and its two-hundred day moving average price is $4.31. Purple Biotech has a one year low of $1.42 and a one year high of $29.00. The firm has a market capitalization of $1.33 million, a price-to-earnings ratio of -0.08 and a beta of 0.68.

Purple Biotech (NASDAQ:PPBT) last announced its quarterly earnings data on Saturday, May 16th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.38) by $0.29. Research analysts predict that Purple Biotech will post -5.31 earnings per share for the current year.

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.