Purple Biotech Ltd (NASDAQ:PPBT) Short Interest Up 28.5% in August

Purple Biotech Ltd (NASDAQ:PPBT) was the target of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 418,800 shares, an increase of 28.5% from the August 15th total of 326,000 shares. Based on an average trading volume of 279,600 shares, the days-to-cover ratio is currently 1.5 days.

Hedge Funds Weigh In On Purple Biotech

An institutional investor recently bought a new position in Purple Biotech stock. Armistice Capital LLC purchased a new stake in shares of Purple Biotech Ltd (NASDAQ:PPBT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,882,173 shares of the company’s stock, valued at approximately $1,468,000. Armistice Capital LLC owned approximately 8.54% of Purple Biotech as of its most recent SEC filing. 9.64% of the stock is currently owned by institutional investors.

Purple Biotech Stock Up 3.6 %

Shares of Purple Biotech stock traded up $0.01 during trading on Monday, reaching $0.40. 488,080 shares of the stock were exchanged, compared to its average volume of 203,937. The stock’s fifty day moving average is $0.39 and its 200 day moving average is $0.53. The firm has a market cap of $10.12 million, a price-to-earnings ratio of -0.50 and a beta of 1.07. Purple Biotech has a 1 year low of $0.30 and a 1 year high of $1.80.

Purple Biotech (NASDAQ:PPBT) last released its quarterly earnings results on Friday, August 16th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.05. Equities analysts forecast that Purple Biotech will post -0.32 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, HC Wainwright cut their price target on shares of Purple Biotech from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Monday, August 19th.

Purple Biotech Company Profile

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.