Short Interest in ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) Rises By 38.4%

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

ImmunoPrecise Antibodies Stock Down 4.2 %

NASDAQ IPA opened at $0.36 on Wednesday. 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 stock’s 50 day moving average is $0.43 and its 200 day moving average is $0.47. ImmunoPrecise Antibodies has a 12 month low of $0.27 and a 12 month high of $1.51. The stock has a market cap of $11.20 million, a PE ratio of -0.46 and a beta of 0.09.

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

Institutional Trading of ImmunoPrecise Antibodies

An institutional investor recently raised its position in ImmunoPrecise Antibodies stock. Ingalls & Snyder LLC increased its position in shares of ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) by 20.3% during the 3rd quarter, according to the company in its most recent disclosure 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 period. 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.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on IPA. HC Wainwright dropped their price target on shares of ImmunoPrecise Antibodies from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Monday. Benchmark reaffirmed a “speculative buy” rating and issued a $3.00 target price on shares of ImmunoPrecise Antibodies in a report on Tuesday.

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.