Propanc Biopharma Inc (NASDAQ:PPCB) Sees Significant Growth in Short Interest

Propanc Biopharma Inc (NASDAQ:PPCB) was the target of a significant growth in short interest in July. As of July 15th, there was short interest totaling 133,524 shares, a growth of 689.9% from the June 30th total of 16,903 shares. Approximately 8.2% of the shares of the company are short sold. Based on an average daily volume of 5,925,509 shares, the days-to-cover ratio is currently 0.0 days.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of 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 company currently has an average rating of “Sell”.

Propanc Biopharma Stock Performance

NASDAQ PPCB opened at $1.37 on Friday. The stock has a market capitalization of $3.12 million, a price-to-earnings ratio of -0.06 and a beta of 3.49. The stock’s 50 day moving average price is $1.66 and its two-hundred day moving average price is $3.67. Propanc Biopharma has a 52 week low of $1.30 and a 52 week high of $270.25.

Propanc Biopharma declared that its Board of Directors has approved a stock buyback program on Thursday, June 11th that allows the company to buyback $5.00 million in shares. This buyback authorization allows the company to reacquire up to 162.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Propanc Biopharma

A hedge fund recently bought a new position in Propanc Biopharma stock. Virtu Financial LLC acquired a new position in shares of Propanc Biopharma Inc (NASDAQ:PPCB) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 41,677 shares of the company’s stock, valued at approximately $71,000. Virtu Financial LLC owned about 0.33% of Propanc Biopharma at the end of the most recent reporting period.

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.