Purple Biotech (NASDAQ:PPBT) Given Buy Rating at Chardan Capital

Chardan Capital reiterated their buy rating on shares of Purple Biotech (NASDAQ:PPBT – Free Report) in a research note published on Monday morning, PriceTargets.com reports. Chardan Capital also issued estimates for Purple Biotech’s FY2023 earnings at ($1.20) EPS and FY2024 earnings at ($0.46) EPS.

Purple Biotech Trading Up 0.4 %

PPBT stock opened at $1.29 on Monday. The firm’s 50-day moving average price is $1.65 and its two-hundred day moving average price is $1.79. Purple Biotech has a 12-month low of $1.24 and a 12-month high of $2.80. The stock has a market capitalization of $23.84 million, a price-to-earnings ratio of -1.23 and a beta of 1.78.

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Purple Biotech (NASDAQ:PPBT – Get Free Report) last announced its quarterly earnings results on Tuesday, May 16th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.14. Equities analysts predict that Purple Biotech will post -1.02 EPS for the current year.

Hedge Funds Weigh In On Purple Biotech

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC purchased a new stake in Purple Biotech in the first quarter worth about $198,000. Virtu Financial LLC bought a new position in shares of Purple Biotech in the second quarter worth approximately $33,000. Morgan Stanley lifted its stake in shares of Purple Biotech by 34.4% in the fourth quarter. Morgan Stanley now owns 21,870 shares of the company’s stock worth $30,000 after buying an additional 5,600 shares in the last quarter. Finally, Fisher Asset Management LLC bought a new position in shares of Purple Biotech in the fourth quarter worth approximately $44,000. Hedge funds and other institutional investors own 0.66% of the company’s stock.

Purple Biotech Company Profile

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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 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.

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