Purple Biotech (NASDAQ:PPBT) Given “Buy” Rating at HC Wainwright

HC Wainwright restated their buy rating on shares of Purple Biotech (NASDAQ:PPBT) in a research note issued to investors on Friday, Benzinga reports. HC Wainwright currently has a $10.00 price target on the stock.

Purple Biotech Stock Up 4.1 %

Purple Biotech stock opened at $0.51 on Friday. The company’s 50-day moving average price is $0.66 and its two-hundred day moving average price is $0.85. The stock has a market cap of $12.87 million, a P/E ratio of -0.55 and a beta of 0.94. Purple Biotech has a twelve month low of $0.30 and a twelve month high of $2.08.

Purple Biotech (NASDAQ:PPBT) last announced its earnings results on Tuesday, March 5th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.15). Equities analysts anticipate that Purple Biotech will post -0.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Purple Biotech

A number of institutional investors have recently modified their holdings of PPBT. Armistice Capital LLC acquired a new stake in Purple Biotech in the 4th quarter worth about $1,468,000. WuXi AppTec Co. Ltd. bought a new position in Purple Biotech during the 4th quarter worth $151,000. Finally, Kingswood Wealth Advisors LLC raised its holdings in Purple Biotech by 34.0% in 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 in the last quarter. Institutional investors own 9.64% of the company’s stock.

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.