HC Wainwright Lowers Purple Biotech (NASDAQ:PPBT) Price Target to $17.00

Purple Biotech (NASDAQ:PPBT) had its target price lowered by analysts at HC Wainwright from $30.00 to $17.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock.

PPBT has been the topic of several other research reports. Weiss Ratings raised Purple Biotech from a “sell (e)” rating to a “sell (e+)” rating in a research report on Monday. Zacks Research raised Purple Biotech from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.00.

Purple Biotech Price Performance

NASDAQ:PPBT remained flat at $1.41 during trading hours on Friday. The company had a trading volume of 46,503 shares, compared to its average volume of 136,711. The company has a market cap of $1.31 million, a PE ratio of -0.07 and a beta of 0.67. Purple Biotech has a twelve month low of $1.16 and a twelve month high of $24.00. The business’s 50 day moving average is $1.82 and its two-hundred day moving average is $3.64.

Purple Biotech (NASDAQ:PPBT) last issued its quarterly earnings results on Friday, August 7th. The company reported $1.07 earnings per share for the quarter, beating the consensus estimate of ($0.98) by $2.05. On average, research analysts anticipate that Purple Biotech will post -5.31 EPS for the current year.

Institutional Trading of Purple Biotech

A hedge fund recently bought a new position in Purple Biotech stock. SmartHarvest Portfolios LLC acquired a new stake in Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 47,454 shares of the company’s stock, valued at approximately $31,000. SmartHarvest Portfolios LLC owned 0.37% of Purple Biotech at the end of the most recent reporting period. 9.64% of the stock is owned by institutional investors and hedge funds.

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.