Purple Biotech (NASDAQ:PPBT) Announces Earnings Results, Beats Estimates By $0.29 EPS

Purple Biotech (NASDAQ:PPBT – Get Free Report) released its quarterly earnings data on Friday. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.29, Zacks reports.

Purple Biotech Stock Up 6.8%

Shares of NASDAQ PPBT traded up $0.25 during mid-day trading on Friday, reaching $3.94. 14,213 shares of the company were exchanged, compared to its average volume of 11,594. Purple Biotech has a 52 week low of $3.49 and a 52 week high of $29.00. The stock has a market capitalization of $5.04 million, a PE ratio of -0.19 and a beta of 0.68. The company’s 50 day moving average price is $4.19 and its 200 day moving average price is $5.95.

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Institutional Trading of Purple Biotech

An institutional investor recently bought a new position in Purple Biotech stock. Virtu Financial LLC acquired a new position in shares of Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT – Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 48,993 shares of the company’s stock, valued at approximately $28,000. Virtu Financial LLC owned about 0.38% of Purple Biotech as of its most recent filing with the Securities and Exchange Commission. 9.64% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PPBT shares. HC Wainwright reduced their price objective on shares of Purple Biotech from $34.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, March 13th. Weiss Ratings downgraded shares of Purple Biotech from a “sell (e+)” rating to a “sell (e)” rating in a report on Monday, May 4th. Finally, Zacks Research raised shares of Purple Biotech from a “strong sell” rating to a “hold” rating in a report on Monday, April 13th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $30.00.

Read Our Latest Stock Analysis on PPBT

About Purple Biotech

(Get Free Report)

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.

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