Short Interest in ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) Expands By 46.3%

Key Points

• Short interest in ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) surged by 46.3% in July, with total short interest reaching 725,300 shares.
• Institutional investors are increasing their stakes, with XTX Topco Ltd. boosting its holdings by 394.4% in Q2, while several others adjusted their investments in the company.
• Analysts have upgraded ImmunoPrecise Antibodies from a "sell" to a "hold" rating, with a consensus rating of "Buy" and an average price target of $4.00.

ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA - Get Free Report) was the target of a significant increase in short interest in July. As of July 31st, there was short interest totaling 725,300 shares, anincreaseof46.3% from the July 15th total of 495,800 shares. Currently,1.8% of the shares of the company are sold short. Based on an average trading volume of 2,410,000 shares, the short-interest ratio is presently 0.3 days. Based on an average trading volume of 2,410,000 shares, the short-interest ratio is presently 0.3 days. Currently,1.8% of the shares of the company are sold short.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised shares of ImmunoPrecise Antibodies from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $4.00.

Hedge Funds Weigh In On ImmunoPrecise Antibodies

Institutional investors have recently modified their holdings of the company. XTX Topco Ltd grew its holdings in ImmunoPrecise Antibodies by 394.4% in the second quarter. XTX Topco Ltd now owns 91,382 shares of the company's stock valued at $97,000 after purchasing an additional 72,897 shares during the period. Baader Bank Aktiengesellschaft purchased a new stake in ImmunoPrecise Antibodies in the second quarter valued at approximately $29,000. Finally, Ingalls & Snyder LLC grew its holdings in ImmunoPrecise Antibodies by 0.8% in the second quarter. Ingalls & Snyder LLC now owns 2,779,363 shares of the company's stock valued at $2,946,000 after purchasing an additional 21,236 shares during the period. Institutional investors and hedge funds own 6.70% of the company's stock.

ImmunoPrecise Antibodies Price Performance

IPA stock traded up $0.27 during trading on Friday, reaching $2.90. 208,506 shares of the company were exchanged, compared to its average volume of 4,091,023. The company has a market cap of $133.84 million, a P/E ratio of -4.31 and a beta of 0.49. ImmunoPrecise Antibodies has a 52-week low of $0.27 and a 52-week high of $2.93. The stock's 50 day moving average price is $1.65 and its 200 day moving average price is $0.87. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.85 and a current ratio of 2.08.

ImmunoPrecise Antibodies (NASDAQ:IPA - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The company reported ($0.04) EPS for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.02). The company had revenue of $5.06 million for the quarter, compared to analysts' expectations of $7.89 million. ImmunoPrecise Antibodies had a negative return on equity of 40.62% and a negative net margin of 122.10%. As a group, analysts predict that ImmunoPrecise Antibodies will post -0.27 earnings per share for the current fiscal year.

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.