Purple Biotech (PPBT) stock underwent a massive rally on Wednesday after the clinical-stage company announced a production milestone for IM1240. This is a tri-specific antibody from the company’s CAPTN-3 platform that targets the tumor-associated antigen 5T4, the activating receptor CD3 on T cells, and the inhibitory receptor NKG2A on NK and CD8⁺ T cells.
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This is major news for the company as it allows further development of its tumor treatments. The company noted that the CAPTN-3 platform generates antibodies capable of a strong, localized immune response within the tumor microenvironment. This allows for an increased anticipated therapeutic window in patients.
Gil Efron, CEO of Purple Biotech, said, “Establishing a process capable of producing tri-specific antibodies marks a major step in our development program. This milestone positions our CAPTN-3 platform as an attractive potential solution for developing complex tri-specific antibodies with both competitive yield and purity.”
Purple Biotech Stock Movement
Purple Biotech stock was up 93.83% in pre-market trading on Wednesday, following a 2.05% fall yesterday. The shares were down 87.57% year-to-date and 82.33% over the past 12 months.
With today’s news came heavy trading of PPBT stock. This saw more than 135 million shares traded as of this writing, compared to a three-month daily average of about 415,000 units.
Is Purple Biotech Stock a Buy, Sell, or Hold?
Turning to Wall Street, analyst coverage of Purple Biotech is lacking. Fortunately, TipRanks’ AI analyst Spark has it covered. Spark rates PPBT stock an Underperform (35) with no price target. It cites “significant financial challenges and unattractive valuation metrics” as reasons for this stance.
