Purple Biotech (NASDAQ:PPBT) Rating Reiterated by HC Wainwright

Purple Biotech (NASDAQ:PPBT)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $10.00 price objective on the stock.

Purple Biotech Trading Down 5.0 %

PPBT opened at $0.49 on Friday. The stock has a 50-day moving average price of $0.67 and a 200-day moving average price of $0.86. Purple Biotech has a 12-month low of $0.30 and a 12-month high of $2.08. The stock has a market capitalization of $12.37 million, a P/E ratio of -0.53 and a beta of 0.94.

Purple Biotech (NASDAQ:PPBT) last posted its quarterly earnings data on Tuesday, March 5th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.15). On average, equities research analysts predict that Purple Biotech will post -0.46 EPS for the current year.

Hedge Funds Weigh In On Purple Biotech

A number of hedge funds and other institutional investors have recently modified their holdings of PPBT. Kingswood Wealth Advisors LLC boosted its holdings in Purple Biotech by 34.0% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 175,100 shares of the company’s stock valued at $137,000 after acquiring an additional 44,450 shares during the period. WuXi AppTec Co. Ltd. purchased a new stake in Purple Biotech during the 4th quarter valued at about $151,000. Finally, Armistice Capital LLC purchased a new stake in Purple Biotech during the 4th quarter valued at about $1,468,000. 9.64% of the stock is currently owned by hedge funds and other 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.