Stock of the Day

June 15, 2023

Purple Biotech (PPBT)

$1.70
+$0.02 (+1.2%)
Market Cap: $1.56M

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. The company has collaboration agreement with Bristol Myers Squibb Company to evaluate the combination of CM24 with the PD-1 inhibitor nivolumab in addition to chemotherapy. The company was formerly known as Kitov Pharma Ltd and changed its name to Purple Biotech Ltd. in December 2020. The company is headquartered in Rehovot, Israel.

Today's Trend

Purple Biotech Ltd. Sponsored ADR (NASDAQ:PPBT) is trading lower as investors react to the lack of major company-specific operational news, but the latest analyst updates were broadly constructive.

  • HC Wainwright reiterated a Buy rating and $30 price target on Purple Biotech, signaling continued analyst confidence in the stock’s long-term potential.
  • The firm raised earnings estimates across multiple periods, including Q2 2026 to ($0.98) EPS from ($4.00), Q3 2026 to ($1.73) from ($4.20), and Q4 2026 to ($2.51) from ($4.50), suggesting improved expectations for the company’s outlook.
  • HC Wainwright also lifted longer-term forecasts, including FY2026 to ($5.31) EPS, FY2027 to ($0.88), FY2028 to ($0.15), FY2029 to $0.07, and FY2030 to ($0.29), which may help support investor sentiment. Article Title
  • Additional coverage titled Reviewing Equillium and Purple Biotech reflects ongoing market attention to the name, but does not appear to include a fresh catalyst. Article Title

Overall, PPBT is down today despite a series of bullish analyst revisions, likely because the company remains deeply unprofitable and the upgrades still point to losses for the next several years.

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