Purple Biotech (NASDAQ:PPBT) Shares Up 8.5%

Purple Biotech Ltd (NASDAQ:PPBT)’s stock price shot up 8.5% on Monday . The stock traded as high as $0.37 and last traded at $0.37. 251,428 shares were traded during trading, an increase of 18% from the average session volume of 213,961 shares. The stock had previously closed at $0.34.

Analysts Set New Price Targets

Separately, HC Wainwright reiterated a “buy” rating and set a $10.00 price objective on shares of Purple Biotech in a report on Tuesday, May 21st.

Purple Biotech Trading Up 8.5 %

The stock has a market cap of $9.31 million, a P/E ratio of -0.46 and a beta of 1.03. The company has a 50 day simple moving average of $0.56 and a 200 day simple moving average of $0.65.

Purple Biotech (NASDAQ:PPBT) last released its earnings results on Tuesday, May 21st. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.01). As a group, sell-side analysts expect that Purple Biotech Ltd will post -0.52 earnings per share for the current year.

Institutional Investors Weigh In On Purple Biotech

Institutional investors have recently bought and sold shares of the company. Kingswood Wealth Advisors LLC lifted its stake in Purple Biotech by 34.0% in the 4th 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 in the last quarter. WuXi AppTec Co. Ltd. bought a new stake in shares of Purple Biotech during the 4th quarter worth approximately $151,000. Finally, Armistice Capital LLC bought a new stake in shares of Purple Biotech during the 4th quarter worth approximately $1,468,000. Institutional investors 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.