Propanc Biopharma Inc (NASDAQ:PPCB) Sees Large Decline in Short Interest

Propanc Biopharma Inc (NASDAQ:PPCB) saw a large decline in short interest in the month of September. As of September 15th, there was short interest totaling 29,003 shares, a decline of 91.4% from the August 31st total of 335,967 shares. Based on an average daily volume of 298,214 shares, the days-to-cover ratio is presently 0.1 days. Approximately 1.8% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

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 equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of “Sell”.

Propanc Biopharma Trading Up 4.9%

Shares of NASDAQ:PPCB traded up $0.03 during trading on Friday, reaching $0.63. The company had a trading volume of 135,481 shares, compared to its average volume of 1,974,720. The company has a fifty day moving average of $1.10 and a two-hundred day moving average of $1.84. The stock has a market capitalization of $1.44 million, a P/E ratio of -0.03 and a beta of 3.52. Propanc Biopharma has a 12 month low of $0.56 and a 12 month high of $52.50.

Propanc Biopharma announced that its board has authorized a share buyback plan on Thursday, June 11th that permits the company to buyback $5.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 162.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

About Propanc Biopharma

Propanc Biopharma, Inc is a biotechnology company focused on developing novel treatments for solid tumors. The company’s research centers on the use of proenzymes—precursors to digestive enzymes—as a potential therapeutic approach for targeting cancer cells and limiting tumor growth, recurrence and metastasis.

Propanc’s lead product candidate is PRP, an investigational proenzyme therapy being developed primarily for cancers with a high risk of recurrence, including pancreatic, ovarian and colorectal cancers.