Purple Biotech (NASDAQ:PPBT) Trading Up 9.7%

Purple Biotech Ltd. (NASDAQ:PPBT) shares rose 9.7% on Thursday . The company traded as high as $0.67 and last traded at $0.67. Approximately 98,128 shares changed hands during mid-day trading, a decline of 2% from the average daily volume of 100,000 shares. The stock had previously closed at $0.61.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reiterated a “buy” rating and issued a $10.00 target price on shares of Purple Biotech in a report on Tuesday, March 5th.

Purple Biotech Stock Up 9.7 %

The stock has a market cap of $16.91 million, a P/E ratio of -0.73 and a beta of 0.97. The firm’s 50-day moving average is $0.72 and its two-hundred day moving average is $0.93.

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

Institutional Investors Weigh In On Purple Biotech

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC acquired a new stake in Purple Biotech during the first quarter worth $198,000. Virtu Financial LLC bought a new position in shares of Purple Biotech during the second quarter valued at $33,000. Morgan Stanley lifted its holdings in shares of Purple Biotech by 34.4% during the fourth quarter. Morgan Stanley now owns 21,870 shares of the company’s stock valued at $30,000 after acquiring an additional 5,600 shares during the period. Kingswood Wealth Advisors LLC lifted its holdings 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 valued at $137,000 after acquiring an additional 44,450 shares during the period. Finally, WuXi AppTec Co. Ltd. bought a new position in shares of Purple Biotech during the fourth quarter valued at $151,000. 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 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.