Purple Biotech (NASDAQ:PPBT) Price Target Increased to $33.00 by Analysts at HC Wainwright

Purple Biotech (NASDAQ:PPBT) had its price objective hoisted by equities researchers at HC Wainwright from $8.00 to $33.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s target price indicates a potential upside of 388.89% from the company’s current price.

Purple Biotech Stock Down 3.3 %

NASDAQ:PPBT traded down $0.23 during mid-day trading on Friday, reaching $6.75. 10,682 shares of the stock were exchanged, compared to its average volume of 11,035. The firm has a market cap of $170.36 million, a P/E ratio of -8.33 and a beta of 1.07. Purple Biotech has a 1-year low of $6.05 and a 1-year high of $36.00.

Purple Biotech (NASDAQ:PPBT) last announced its earnings results on Friday, August 16th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.05. Sell-side analysts expect that Purple Biotech will post -0.32 EPS for the current year.

Institutional Trading of Purple Biotech

A hedge fund recently bought a new stake in Purple Biotech stock. Armistice Capital LLC bought a new stake in Purple Biotech Ltd (NASDAQ:PPBT) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,882,173 shares of the company’s stock, valued at approximately $1,468,000. Armistice Capital LLC owned about 8.54% of Purple Biotech as of its most recent SEC filing. 9.64% of the stock is owned by hedge funds and other institutional investors.

Purple Biotech Company Profile

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.