ImmunoPrecise Antibodies (NASDAQ:IPA) Stock Price Down 2% – Here’s What Happened

ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA)’s stock price fell 2% during mid-day trading on Tuesday . The company traded as low as $0.40 and last traded at $0.42. 312,178 shares traded hands during mid-day trading, a decline of 9% from the average session volume of 343,275 shares. The stock had previously closed at $0.43.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Benchmark reduced their price target on ImmunoPrecise Antibodies from $5.00 to $3.00 and set a “speculative buy” rating for the company in a research report on Wednesday, August 14th. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price objective on shares of ImmunoPrecise Antibodies in a research note on Tuesday, September 17th.

ImmunoPrecise Antibodies Stock Performance

The firm has a market cap of $12.15 million, a P/E ratio of -0.54 and a beta of 0.13. The company has a quick ratio of 0.82, a current ratio of 0.99 and a debt-to-equity ratio of 0.36. The business has a fifty day simple moving average of $0.61 and a 200-day simple moving average of $0.88.

ImmunoPrecise Antibodies (NASDAQ:IPA) last released its quarterly earnings data on Monday, September 16th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). ImmunoPrecise Antibodies had a negative net margin of 114.67% and a negative return on equity of 65.37%. The firm had revenue of $3.85 million for the quarter, compared to the consensus estimate of $4.96 million. On average, sell-side analysts predict that ImmunoPrecise Antibodies Ltd. will post -0.3 EPS for the current fiscal year.

Hedge Funds Weigh In On ImmunoPrecise Antibodies

A hedge fund recently raised its stake in ImmunoPrecise Antibodies stock. Renaissance Technologies LLC lifted its holdings in ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) by 70.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 63,910 shares of the company’s stock after purchasing an additional 26,310 shares during the quarter. Renaissance Technologies LLC owned 0.24% of ImmunoPrecise Antibodies worth $65,000 at the end of the most recent quarter. 6.70% of the stock is owned by institutional investors and hedge funds.

ImmunoPrecise Antibodies Company Profile

ImmunoPrecise Antibodies Ltd., together with its subsidiaries, operates as a biotherapeutic research and technology company in Canada and internationally. It provides NonaVac DNA for complex protein classes, including GPCRs and ion channels; and Rapid Prime, a positive monoclonal antibodies for generating anti-idiotypic antibodies, and producing monoclonal antibodies against conformational epitopes.