Purple Biotech (NASDAQ:PPBT) Stock Price Up 1.7% – Still a Buy?

Purple Biotech Ltd (NASDAQ:PPBT) shot up 1.7% during trading on Friday . The stock traded as high as $3.85 and last traded at $3.66. 52,132 shares were traded during trading, a decline of 13% from the average session volume of 59,962 shares. The stock had previously closed at $3.60.

Wall Street Analyst Weigh In

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

Purple Biotech Stock Performance

The firm has a market capitalization of $4.87 million, a P/E ratio of -0.42 and a beta of 1.01. The company’s fifty day simple moving average is $3.87.

Hedge Funds Weigh In On Purple Biotech

A hedge fund recently bought a new stake in Purple Biotech stock. Kingswood Wealth Advisors LLC acquired a new stake in shares of Purple Biotech Ltd (NASDAQ:PPBT) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 33,594 shares of the company’s stock, valued at approximately $158,000. Kingswood Wealth Advisors LLC owned approximately 2.53% of Purple Biotech as of its most recent filing with the SEC. 9.64% of the stock is currently owned by hedge funds and other institutional investors.

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.