Purple Biotech (NASDAQ:PPBT) Shares to Reverse Split on Monday, March 2nd

Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT)’s stock is set to reverse split before the market opens on Monday, March 2nd. The 1-10 reverse split was announced on Wednesday, February 11th. The number of shares owned by shareholders will be adjusted after the closing bell on Sunday, March 1st.

Purple Biotech Stock Up 0.5%

Shares of PPBT stock opened at $0.58 on Friday. The firm has a 50 day moving average of $0.67 and a 200-day moving average of $0.95. The company has a market cap of $7.44 million, a price-to-earnings ratio of -1.81 and a beta of 0.66. Purple Biotech has a 52 week low of $0.53 and a 52 week high of $3.48.

Analyst Upgrades and Downgrades

PPBT has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Purple Biotech in a research note on Monday, December 29th. Wall Street Zen downgraded Purple Biotech to a “strong sell” rating in a research note on Friday, November 28th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently has an average rating of “Sell”.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Purple Biotech stock. SmartHarvest Portfolios LLC bought a new position in shares of Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 47,454 shares of the company’s stock, valued at approximately $31,000. SmartHarvest Portfolios LLC owned approximately 0.37% of Purple Biotech at the end of the most recent reporting period. 9.64% of the stock is currently owned by institutional investors and hedge funds.

Purple Biotech Company Profile

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.