Portage Biotech Inc. (NASDAQ:ALP) Stock Short Interest Report for October

Portage Biotech Inc. (NASDAQ:ALP) saw a large growth in short interest in October. As of October 15th, there was short interest totaling 174,132 shares, a growth of 61.3% from the September 30th total of 107,986 shares. Based on an average daily volume of 271,932 shares, the short-interest ratio is currently 0.6 days. Approximately 11.2% of the company’s stock are short sold.

Portage Biotech Stock Down 0.6%

ALP opened at $3.26 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.31 and a current ratio of 0.31. The business has a 50 day moving average price of $4.75 and a 200 day moving average price of $14.82. Portage Biotech has a twelve month low of $2.78 and a twelve month high of $246.50.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ALP. Weiss Ratings restated a “sell (e+)” rating on shares of Portage Biotech in a research note on Thursday, October 22nd. Zacks Research raised shares of Portage Biotech to a “hold” rating in a research note on Tuesday, August 18th. HC Wainwright started coverage on shares of Portage Biotech in a report on Monday, August 17th. They issued a “neutral” rating and a $12.50 price objective for the company. Finally, Wall Street Zen raised shares of Portage Biotech to a “hold” rating in a research report on Saturday, September 12th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $12.50.

Insider Transactions at Portage Biotech

In other news, CEO Brittany Kaiser acquired 9,350 shares of the company’s stock in a transaction that occurred on Wednesday, September 9th. The shares were purchased at an average price of $5.35 per share, for a total transaction of $50,022.50. Following the completion of the acquisition, the chief executive officer owned 16,766 shares of the company’s stock, valued at approximately $89,698.10. This represents a 126.08% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Fiorenzo Villani acquired 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 22nd. The stock was purchased at an average price of $4.40 per share, for a total transaction of $44,000.00. Following the acquisition, the insider directly owned 48,886 shares of the company’s stock, valued at $215,098.40. The trade was a 25.72% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 57,047 shares of company stock valued at $254,815 over the last ninety days.

About Portage Biotech

Portage Biotech Inc is a clinical-stage biotechnology company focused on developing immuno-oncology treatments for cancer. The company’s approach is designed to stimulate the immune system and promote targeted destruction of tumor cells, with the goal of addressing cancers that may be difficult to treat with conventional therapies.

Portage’s lead investigational product is INT230-6, an intratumoral therapy licensed from Intensity Therapeutics. The treatment is designed to deliver anticancer agents directly into tumors and may also activate an immune response against cancer cells elsewhere in the body.