Short Interest in ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) Expands By 38.4%

ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) was the target of a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 3,030,000 shares, a growth of 38.4% from the February 28th total of 2,190,000 shares. Approximately 14.0% of the company’s stock are sold short. Based on an average daily trading volume, of 7,230,000 shares, the days-to-cover ratio is presently 0.4 days.

Institutional Inflows and Outflows

An institutional investor recently raised its position in ImmunoPrecise Antibodies stock. Ingalls & Snyder LLC raised its stake in ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) by 20.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,558,892 shares of the company’s stock after purchasing an additional 263,451 shares during the quarter. Ingalls & Snyder LLC owned 5.41% of ImmunoPrecise Antibodies worth $996,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 6.70% of the company’s stock.

ImmunoPrecise Antibodies Stock Down 11.0 %

ImmunoPrecise Antibodies stock opened at $0.39 on Monday. The stock has a 50-day simple moving average of $0.44 and a 200-day simple moving average of $0.48. The company has a market capitalization of $12.18 million, a P/E ratio of -0.50 and a beta of 0.09. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.85 and a current ratio of 1.01. ImmunoPrecise Antibodies has a fifty-two week low of $0.27 and a fifty-two week high of $1.59.

ImmunoPrecise Antibodies (NASDAQ:IPA) last issued its quarterly earnings data on Friday, March 28th. The company reported ($0.06) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.06). The company had revenue of $4.23 million during the quarter, compared to analysts’ expectations of $6.59 million. ImmunoPrecise Antibodies had a negative return on equity of 73.74% and a negative net margin of 114.50%. Equities research analysts expect that ImmunoPrecise Antibodies will post -0.27 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of ImmunoPrecise Antibodies in a research report on Friday, March 14th.

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.