ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) Short Interest Up 38.4% in March

ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) was the target of a large increase in short interest in March. As of March 15th, there was short interest totalling 3,030,000 shares, an increase of 38.4% from the February 28th total of 2,190,000 shares. Based on an average daily volume of 7,230,000 shares, the short-interest ratio is presently 0.4 days. Approximately 14.0% of the company’s stock are sold short.

Analyst Ratings Changes

A number of research analysts have recently issued reports on IPA shares. HC Wainwright lowered their price target on ImmunoPrecise Antibodies from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Monday. Benchmark restated a “speculative buy” rating and set a $3.00 target price on shares of ImmunoPrecise Antibodies in a research note on Tuesday.

Institutional Investors Weigh In On ImmunoPrecise Antibodies

A hedge fund recently raised its stake in ImmunoPrecise Antibodies stock. Ingalls & Snyder LLC boosted its holdings in shares of ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) by 20.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,558,892 shares of the company’s stock after buying an additional 263,451 shares during the quarter. Ingalls & Snyder LLC owned approximately 5.41% of ImmunoPrecise Antibodies worth $996,000 at the end of the most recent quarter. 6.70% of the stock is currently owned by institutional investors.

ImmunoPrecise Antibodies Stock Performance

NASDAQ:IPA traded down $0.02 during trading hours on Tuesday, reaching $0.36. The company had a trading volume of 355,800 shares, compared to its average volume of 2,068,609. The firm has a market cap of $11.20 million, a price-to-earnings ratio of -0.46 and a beta of 0.09. The company has a current ratio of 1.01, a quick ratio of 0.85 and a debt-to-equity ratio of 0.36. The firm’s 50 day moving average price is $0.43 and its 200-day moving average price is $0.47. ImmunoPrecise Antibodies has a 52 week low of $0.27 and a 52 week high of $1.51.

ImmunoPrecise Antibodies (NASDAQ:IPA) last released its quarterly earnings results on Friday, March 28th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.06). The firm had revenue of $4.23 million for the quarter, compared to the consensus estimate of $6.59 million. ImmunoPrecise Antibodies had a negative return on equity of 73.74% and a negative net margin of 114.50%. On average, analysts forecast that ImmunoPrecise Antibodies will post -0.27 EPS for the current year.

ImmunoPrecise Antibodies Company Profile

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.