Purple Biotech (NASDAQ:PPBT) Stock Price Down 3.5% – Here’s Why

Purple Biotech Ltd (NASDAQ:PPBT)’s share price fell 3.5% during trading on Monday . The stock traded as low as $2.90 and last traded at $3.06. 25,219 shares were traded during trading, a decline of 34% from the average session volume of 38,161 shares. The stock had previously closed at $3.17.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $33.00 price objective on shares of Purple Biotech in a report on Friday, November 15th.

Purple Biotech Stock Performance

The company’s 50 day moving average is $3.61. The stock has a market cap of $4.07 million, a P/E ratio of -0.35 and a beta of 0.98.

Institutional Trading of Purple Biotech

An institutional investor recently bought a new position in Purple Biotech stock. Kingswood Wealth Advisors LLC acquired a new stake in Purple Biotech Ltd (NASDAQ:PPBT) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 33,594 shares of the company’s stock, valued at approximately $158,000. Kingswood Wealth Advisors LLC owned 2.53% of Purple Biotech as of its most recent SEC filing. Hedge funds and other 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.