ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) Sees Significant Growth in Short Interest

ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) saw a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 666,100 shares, a growth of 355.9% from the October 15th total of 146,100 shares. Based on an average trading volume of 469,000 shares, the short-interest ratio is presently 1.4 days. Approximately 3.1% of the company’s stock are sold short.

ImmunoPrecise Antibodies Stock Up 5.9 %

Shares of NASDAQ IPA traded up $0.03 during mid-day trading on Tuesday, reaching $0.47. 353,883 shares of the company’s stock traded hands, compared to its average volume of 342,413. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.99 and a quick ratio of 0.82. ImmunoPrecise Antibodies has a 1-year low of $0.35 and a 1-year high of $2.60. The stock has a market cap of $13.67 million, a P/E ratio of -0.60 and a beta of 0.13. The business has a 50-day simple moving average of $0.58 and a 200 day simple moving average of $0.85.

ImmunoPrecise Antibodies (NASDAQ:IPA) last issued its quarterly earnings data on Monday, September 16th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The company had revenue of $3.85 million during the quarter, compared to analysts’ expectations of $4.96 million. ImmunoPrecise Antibodies had a negative return on equity of 65.37% and a negative net margin of 114.67%. On average, analysts expect that ImmunoPrecise Antibodies will post -0.3 EPS for the current fiscal year.

Analysts Set New Price Targets

IPA has been the subject of several research reports. HC Wainwright restated a “buy” rating and issued a $9.00 target price on shares of ImmunoPrecise Antibodies in a research note on Tuesday, September 17th. Benchmark decreased their price objective on ImmunoPrecise Antibodies from $5.00 to $3.00 and set a “speculative buy” rating for the company in a report on Wednesday, August 14th.

Hedge Funds Weigh In On ImmunoPrecise Antibodies

An institutional investor recently raised its position in ImmunoPrecise Antibodies stock. Renaissance Technologies LLC grew its position in ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) by 70.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 63,910 shares of the company’s stock after purchasing an additional 26,310 shares during the period. Renaissance Technologies LLC owned about 0.24% of ImmunoPrecise Antibodies worth $65,000 at the end of the most recent reporting period. Institutional investors own 6.70% of the company’s stock.

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.