Short Interest in Propanc Biopharma Inc (NASDAQ:PPCB) Declines By 84.9%
by Doug Wharley · The Cerbat GemPropanc Biopharma Inc (NASDAQ:PPCB – Get Free Report) was the target of a large decline in short interest in the month of July. As of July 31st, there was short interest totaling 20,152 shares, a decline of 84.9% from the July 15th total of 133,524 shares. Based on an average daily volume of 99,223 shares, the short-interest ratio is currently 0.2 days. Currently, 1.2% of the shares of the company are short sold.
Analyst Upgrades and Downgrades
Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Propanc Biopharma in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has a consensus rating of “Sell”.
Get Our Latest Stock Analysis on PPCB
Institutional Inflows and Outflows
A hedge fund recently bought a new position in Propanc Biopharma stock. Virtu Financial LLC purchased a new position in Propanc Biopharma Inc (NASDAQ:PPCB – Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm 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.
Propanc Biopharma Trading Up 0.8%
Shares of PPCB traded up $0.01 during mid-day trading on Thursday, reaching $1.22. 33,956 shares of the company’s stock traded hands, compared to its average volume of 175,689. The stock’s 50-day moving average is $1.49 and its two-hundred day moving average is $2.77. Propanc Biopharma has a 12 month low of $0.95 and a 12 month high of $260.00.
Propanc Biopharma announced that its board has authorized a stock repurchase program on Thursday, June 11th that allows the company to buyback $5.00 million in shares. This buyback authorization allows the company to purchase up to 162.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.
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.