Propanc Biopharma Inc (NASDAQ:PPCB) Stock Short Interest Drops 91.4%

by · The Cerbat Gem

Propanc Biopharma Inc (NASDAQ:PPCB – Get Free Report) saw a significant decline in short interest during 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. Approximately 1.8% of the company’s shares are short sold. Based on an average trading volume of 298,214 shares, the days-to-cover ratio is currently 0.1 days.

Analysts Set New Price Targets

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

View Our Latest Stock Report on PPCB

Propanc Biopharma Trading Down 4.2%

Shares of NASDAQ:PPCB traded down $0.03 during trading on Thursday, hitting $0.60. 192,319 shares of the company’s stock were exchanged, compared to its average volume of 5,373,659. Propanc Biopharma has a 1-year low of $0.56 and a 1-year high of $52.50. The firm has a 50-day moving average price of $1.10 and a two-hundred day moving average price of $1.84. The firm has a market cap of $1.37 million, a P/E ratio of -0.02 and a beta of 3.52.

Propanc Biopharma declared that its Board of Directors has initiated a share repurchase plan on Thursday, June 11th that allows the company to repurchase $5.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 162.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

About Propanc Biopharma

(Get Free Report)

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.

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