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

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

Analysts Set New Price Targets

Several analysts have commented on the company. HC Wainwright restated a “buy” rating and issued a $9.00 price target on shares of ImmunoPrecise Antibodies in a report on Tuesday, September 17th. Benchmark lowered their price target on ImmunoPrecise Antibodies from $5.00 to $3.00 and set a “speculative buy” rating for the company in a report on Wednesday, August 14th.

ImmunoPrecise Antibodies Stock Down 4.0 %

The firm has a 50-day moving average of $0.51 and a 200 day moving average of $0.76. The stock has a market capitalization of $10.41 million, a price-to-earnings ratio of -0.46 and a beta of 0.06. The company has a current ratio of 0.99, a quick ratio of 0.82 and a debt-to-equity ratio of 0.36.

ImmunoPrecise Antibodies (NASDAQ:IPA) last announced its earnings results on Monday, September 16th. The company reported ($0.11) earnings per share (EPS) 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 business had revenue of $3.85 million during the quarter, compared to analyst estimates of $4.96 million. On average, sell-side analysts anticipate that ImmunoPrecise Antibodies Ltd. will post -0.3 earnings per share for the current year.

Institutional Investors Weigh In On ImmunoPrecise Antibodies

A hedge fund recently raised its stake 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 (SEC). The fund owned 1,558,892 shares of the company’s stock after buying an additional 263,451 shares during the quarter. Ingalls & Snyder LLC owned about 5.41% of ImmunoPrecise Antibodies worth $996,000 at the end of the most recent quarter. Hedge funds and other 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.