HC Wainwright Reaffirms “Buy” Rating for Purple Biotech (NASDAQ:PPBT)

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

Purple Biotech Price Performance

Shares of NASDAQ PPBT opened at $0.49 on Friday. The stock has a market capitalization of $12.37 million, a price-to-earnings ratio of -0.53 and a beta of 0.94. Purple Biotech has a 12 month low of $0.30 and a 12 month high of $2.08. The firm’s 50 day simple moving average is $0.67 and its 200-day simple moving average is $0.86.

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

Institutional Investors Weigh In On Purple Biotech

Several institutional investors and hedge funds have recently added to or reduced their stakes in PPBT. Armistice Capital LLC purchased a new position in shares of Purple Biotech during the 4th quarter worth $1,468,000. WuXi AppTec Co. Ltd. acquired a new position in Purple Biotech in the 4th quarter valued at about $151,000. Finally, Kingswood Wealth Advisors LLC grew its position in shares of Purple Biotech by 34.0% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 175,100 shares of the company’s stock worth $137,000 after buying an additional 44,450 shares in the last quarter. Institutional investors and hedge funds 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.