Short Interest in ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) Rises By 895.3%

ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) was the recipient of a significant growth in short interest in January. As of January 31st, there was short interest totalling 359,300 shares, a growth of 895.3% from the January 15th total of 36,100 shares. Approximately 1.8% of the shares of the stock are sold short. Based on an average daily volume of 5,840,000 shares, the days-to-cover ratio is currently 0.1 days.

ImmunoPrecise Antibodies Price Performance

IPA opened at $0.45 on Thursday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.01 and a quick ratio of 0.85. ImmunoPrecise Antibodies has a 12 month low of $0.32 and a 12 month high of $2.43. The stock has a fifty day moving average price of $0.47 and a 200-day moving average price of $0.56.

ImmunoPrecise Antibodies (NASDAQ:IPA) last announced its earnings results on Tuesday, December 10th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.02). ImmunoPrecise Antibodies had a negative return on equity of 73.74% and a negative net margin of 114.50%. As a group, equities research analysts expect that ImmunoPrecise Antibodies will post -0.27 earnings per share for the current year.

Hedge Funds Weigh In On ImmunoPrecise Antibodies

A hedge fund recently raised its stake in ImmunoPrecise Antibodies stock. Ingalls & Snyder LLC grew its stake in ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) by 20.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,558,892 shares of the company’s stock after purchasing an additional 263,451 shares during the period. Ingalls & Snyder LLC owned approximately 5.41% of ImmunoPrecise Antibodies worth $996,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors and hedge funds own 6.70% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, HC Wainwright cut their price target on ImmunoPrecise Antibodies from $9.00 to $7.00 and set a “buy” rating for the company in a report on Wednesday, December 11th.

ImmunoPrecise Antibodies Company Profile

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.