ImmunoPrecise Antibodies (NASDAQ:IPA) Trading Down 4% – Here’s What Happened

ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA)’s share price traded down 4% on Tuesday . The stock traded as low as $0.35 and last traded at $0.36. 209,155 shares changed hands during trading, a decline of 40% from the average session volume of 347,139 shares. The stock had previously closed at $0.38.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. HC Wainwright restated a “buy” rating and issued a $9.00 price objective on shares of ImmunoPrecise Antibodies in a research report on Tuesday, September 17th. Benchmark lowered their price target on shares of ImmunoPrecise Antibodies from $5.00 to $3.00 and set a “speculative buy” rating for the company in a report on Wednesday, August 14th.

ImmunoPrecise Antibodies Stock Performance

The firm has a market cap of $10.58 million, a PE ratio of -0.47 and a beta of 0.06. The stock has a 50-day moving average price of $0.50 and a 200 day moving average price of $0.75. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.99 and a quick ratio of 0.82.

ImmunoPrecise Antibodies (NASDAQ:IPA) last posted its quarterly earnings data on Monday, September 16th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The company had revenue of $3.85 million for the quarter, compared to analyst estimates of $4.96 million. ImmunoPrecise Antibodies had a negative net margin of 114.67% and a negative return on equity of 65.37%. Research analysts forecast that ImmunoPrecise Antibodies Ltd. will post -0.3 earnings per share for the current year.

Institutional Investors Weigh In On ImmunoPrecise Antibodies

An institutional investor recently raised its position in ImmunoPrecise Antibodies stock. Renaissance Technologies LLC boosted its stake in ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) by 70.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,910 shares of the company’s stock after purchasing an additional 26,310 shares during the period. Renaissance Technologies LLC owned approximately 0.24% of ImmunoPrecise Antibodies worth $65,000 at the end of the most recent reporting period. Institutional investors own 6.70% of the company’s stock.

About ImmunoPrecise Antibodies

ImmunoPrecise Antibodies Ltd., together with its subsidiaries, operates as a biotherapeutic research and technology company in Canada and internationally. It provides NonaVac DNA for complex protein classes, including GPCRs and ion channels; and Rapid Prime, a positive monoclonal antibodies for generating anti-idiotypic antibodies, and producing monoclonal antibodies against conformational epitopes.