ImmunoPrecise Antibodies (NASDAQ:IPA) Shares Down 4% – Here’s What Happened

ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) shares dropped 4% during mid-day trading on Tuesday . The company traded as low as $0.35 and last traded at $0.36. Approximately 209,155 shares traded hands during trading, a decline of 40% from the average daily volume of 347,139 shares. The stock had previously closed at $0.38.

Wall Street Analysts Forecast Growth

IPA has been the topic of a number of research reports. Benchmark lowered their target price on shares of ImmunoPrecise Antibodies from $5.00 to $3.00 and set a “speculative buy” rating on the stock in a research report on Wednesday, August 14th. HC Wainwright restated a “buy” rating and set a $9.00 target price on shares of ImmunoPrecise Antibodies in a research report on Tuesday, September 17th.

ImmunoPrecise Antibodies Trading Down 4.0 %

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 $0.51 and a 200 day simple moving average of $0.76. The company has a market cap of $10.41 million, a price-to-earnings ratio of -0.46 and a beta of 0.06.

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

Institutional Inflows and Outflows

An institutional investor recently raised its position in ImmunoPrecise Antibodies stock. Ingalls & Snyder LLC increased its stake in shares of ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) by 20.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,558,892 shares of the company’s stock after purchasing an additional 263,451 shares during the quarter. Ingalls & Snyder LLC owned approximately 5.41% of ImmunoPrecise Antibodies worth $996,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors own 6.70% of the company’s stock.

About ImmunoPrecise Antibodies

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.