Purple Biotech (NASDAQ:PPBT) Receives Buy Rating from HC Wainwright

Purple Biotech (NASDAQ:PPBT)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a note issued to investors on Tuesday, Benzinga reports. They presently have a $10.00 target price on the stock.

Purple Biotech Stock Up 13.3 %

Shares of NASDAQ:PPBT opened at $0.68 on Tuesday. The firm has a market cap of $17.16 million, a price-to-earnings ratio of -0.74 and a beta of 1.01. Purple Biotech has a 12 month low of $0.30 and a 12 month high of $1.98. The company’s fifty day simple moving average is $0.59 and its 200 day simple moving average is $0.75.

Purple Biotech (NASDAQ:PPBT) last released its 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). Research analysts expect that Purple Biotech will post -0.46 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Purple Biotech

Large investors have recently bought and sold shares of the company. Armistice Capital LLC bought a new stake in shares of Purple Biotech in the fourth quarter worth $1,468,000. WuXi AppTec Co. Ltd. bought a new stake in Purple Biotech during the 4th quarter worth about $151,000. Finally, Kingswood Wealth Advisors LLC boosted its stake in shares of Purple Biotech by 34.0% during the 4th 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 during the last quarter. Institutional investors and hedge funds own 9.64% of the company’s stock.

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.