Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) Sees Significant Growth in Short Interest

Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) was the target of a significant growth in short interest during the month of September. As of September 15th, there was short interest totaling 80,940 shares, a growth of 187.8% from the August 31st total of 28,119 shares. Based on an average daily volume of 7,653,979 shares, the days-to-cover ratio is presently 0.0 days. Currently, 9.0% of the shares of the stock are short sold.

Purple Biotech Trading Up 2.0%

Shares of PPBT traded up $0.03 during trading hours on Friday, hitting $1.51. 25,845 shares of the stock traded hands, compared to its average volume of 3,974,401. The business has a fifty day moving average of $1.56 and a 200-day moving average of $2.63. The firm has a market capitalization of $1.40 million, a PE ratio of -0.06 and a beta of 0.71. Purple Biotech has a 1-year low of $1.16 and a 1-year high of $14.10.

Purple Biotech (NASDAQ:PPBT) last announced its quarterly earnings data on Friday, August 7th. The company reported $1.07 earnings per share for the quarter, topping the consensus estimate of ($0.98) by $2.05. As a group, equities research analysts expect that Purple Biotech will post -5.73 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Weiss Ratings cut shares of Purple Biotech from a “sell (e+)” rating to a “sell (e)” rating in a research report on Friday, September 18th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $30.00.

About Purple Biotech

Purple Biotech Ltd. (NASDAQ: PPBT) is a clinical-stage biopharmaceutical company focused on developing therapies for cancer. The company’s research programs are designed to address mechanisms that can limit the effectiveness of existing immunotherapies and other cancer treatments.

Purple Biotech’s principal investigational programs have included CM24, an antibody intended to target CEACAM1 and enhance antitumor immune responses, and NT219, a small-molecule treatment candidate designed to interfere with signaling pathways associated with cancer-cell survival and resistance to therapy.