Short Interest in Purple Biotech Ltd (NASDAQ:PPBT) Grows By 77.4%

Purple Biotech Ltd (NASDAQ:PPBT) was the target of a significant increase in short interest in the month of November. As of November 15th, there was short interest totalling 34,600 shares, an increase of 77.4% from the October 31st total of 19,500 shares. Based on an average trading volume of 45,200 shares, the days-to-cover ratio is presently 0.8 days. Approximately 1.9% of the company’s shares are sold short.

Analyst Ratings Changes

Separately, HC Wainwright reaffirmed a “buy” rating and set a $33.00 target price on shares of Purple Biotech in a research report on Friday, November 15th.

Purple Biotech Stock Up 23.1 %

Shares of NASDAQ:PPBT traded up $0.61 during trading on Thursday, reaching $3.25. 209,898 shares of the company were exchanged, compared to its average volume of 20,784. The company has a market capitalization of $4.33 million, a price-to-earnings ratio of -0.37 and a beta of 1.11. The business’s fifty day simple moving average is $3.98. Purple Biotech has a 12-month low of $2.00 and a 12-month high of $23.20.

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.