Propanc Biopharma Inc (NASDAQ:PPCB) Short Interest Update

Propanc Biopharma Inc (NASDAQ:PPCB) was the recipient of a large increase in short interest during the month of June. As of June 15th, there was short interest totaling 352,559 shares, an increase of 1,030.0% from the May 31st total of 31,201 shares. Currently, 21.6% of the shares of the company are short sold. Based on an average trading volume of 15,852,470 shares, the short-interest ratio is currently 0.0 days.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised Propanc Biopharma from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, May 1st. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently has an average rating of “Sell”.

Propanc Biopharma Trading Up 1.3%

Shares of Propanc Biopharma stock opened at $1.51 on Friday. The company’s fifty day simple moving average is $2.06 and its 200-day simple moving average is $5.88. The company has a market cap of $3.44 million, a price-to-earnings ratio of -0.06 and a beta of 3.48. Propanc Biopharma has a 1 year low of $1.30 and a 1 year high of $270.25.

Propanc Biopharma announced that its board has initiated a stock repurchase program on Thursday, June 11th that authorizes the company to repurchase $5.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 162.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Propanc Biopharma

A hedge fund recently bought a new stake in Propanc Biopharma stock. Virtu Financial LLC purchased a new stake in shares of Propanc Biopharma Inc (NASDAQ:PPCB) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 41,677 shares of the company’s stock, valued at approximately $71,000. Virtu Financial LLC owned 0.33% of Propanc Biopharma as of its most recent SEC filing.

Propanc Biopharma Company Profile

Propanc Biopharma Ltd is a clinical-stage biotechnology company focused on developing novel biologic drug candidates for the treatment of invasive and metastatic cancers. The company’s core technology centers on proprietary formulations of recombinant human proteolytic enzymes designed to degrade the dense extracellular matrix that surrounds solid tumors. By reducing stromal barriers, these candidates are intended to enhance the delivery and efficacy of co-administered chemotherapies, immunotherapies or other targeted agents.

The company’s lead program, known as PRP, comprises a combination of modified pancreatic proteases that have demonstrated promising preclinical activity in degrading tumor stroma and inhibiting tumor growth.