HC Wainwright & Co. Maintains Buy on Purple Biotech, Adjusts Price Target To $33 (1-20 Reverse Stock Split)
Portfolio Pulse from Benzinga Newsdesk
HC Wainwright & Co. has maintained a Buy rating on Purple Biotech (NASDAQ:PPBT) and adjusted its price target to $33 following a 1-20 reverse stock split.
September 20, 2024 | 5:38 pm
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HC Wainwright & Co. has maintained a Buy rating on Purple Biotech and adjusted its price target to $33 following a 1-20 reverse stock split.
The maintenance of a Buy rating and a significant increase in the price target from $8 to $33 by HC Wainwright & Co. is a positive signal for investors. The adjustment is due to a 1-20 reverse stock split, which typically aims to increase the stock price by reducing the number of shares outstanding. This can attract more institutional investors and improve the stock's market perception.
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