Purple Biotech (NASDAQ:PPBT) Shares Up 1.7% – Time to Buy?

Purple Biotech Ltd (NASDAQ:PPBT)’s stock price was up 1.7% during mid-day trading on Friday . The company traded as high as $3.85 and last traded at $3.66. Approximately 52,132 shares changed hands during mid-day trading, a decline of 13% from the average daily volume of 59,962 shares. The stock had previously closed at $3.60.

Analysts Set New Price Targets

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

Purple Biotech Stock Up 1.7 %

The company’s fifty day moving average is $3.87.

Institutional Investors Weigh In On Purple Biotech

A hedge fund recently bought a new stake in Purple Biotech stock. Kingswood Wealth Advisors LLC purchased a new position in shares of Purple Biotech Ltd (NASDAQ:PPBT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 33,594 shares of the company’s stock, valued at approximately $158,000. Kingswood Wealth Advisors LLC owned about 2.53% of Purple Biotech as of its most recent SEC filing. 9.64% of the stock is currently owned by institutional investors and hedge funds.

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.