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

Propanc Biopharma Inc (NASDAQ:PPCB) saw a large increase in short interest in the month of August. As of August 31st, there was short interest totaling 335,967 shares, an increase of 497.2% from the August 15th total of 56,255 shares. Based on an average daily trading volume, of 9,115,538 shares, the days-to-cover ratio is currently 0.0 days. Approximately 20.7% of the shares of the company are short sold.

Propanc Biopharma Price Performance

Shares of Propanc Biopharma stock opened at $0.94 on Friday. The business has a 50 day simple moving average of $1.30 and a two-hundred day simple moving average of $2.12. The stock has a market capitalization of $2.15 million, a P/E ratio of -0.04 and a beta of 3.52. Propanc Biopharma has a 12 month low of $0.92 and a 12 month high of $62.50.

Propanc Biopharma declared that its board has authorized a share repurchase program on Thursday, June 11th that allows the company to buyback $5.00 million in outstanding shares. This buyback authorization allows the company to repurchase 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 stake in Propanc Biopharma stock. Virtu Financial LLC purchased a new stake in Propanc Biopharma Inc (NASDAQ:PPCB) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 41,677 shares of the company’s stock, valued at approximately $71,000. Virtu Financial LLC owned 0.33% of Propanc Biopharma at the end of the most recent reporting period.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings cut Propanc Biopharma from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, August 26th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has an average rating of “Sell”.

About Propanc Biopharma

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.