Propanc Biopharma Inc (NASDAQ:PPCB) Short Interest Update

Propanc Biopharma Inc (NASDAQ:PPCB) was the target of a large growth in short interest during the month of July. As of July 15th, there was short interest totaling 133,524 shares, a growth of 689.9% from the June 30th total of 16,903 shares. Currently, 8.2% of the shares of the stock are short sold. Based on an average trading volume of 5,925,509 shares, the days-to-cover ratio is currently 0.0 days.

Analysts Set New Price Targets

Separately, Weiss Ratings raised Propanc Biopharma from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, May 1st. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has an average rating of “Sell”.

Propanc Biopharma Price Performance

PPCB stock opened at $1.37 on Monday. The firm has a market capitalization of $3.12 million, a P/E ratio of -0.06 and a beta of 3.49. Propanc Biopharma has a 52-week low of $1.30 and a 52-week high of $270.25. The company’s 50 day simple moving average is $1.66 and its 200-day simple moving average is $3.60.

Propanc Biopharma declared that its board has authorized a stock repurchase program on Thursday, June 11th that permits the company to buyback $5.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 162.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Propanc Biopharma

A hedge fund recently bought a new position in Propanc Biopharma stock. Virtu Financial LLC bought a new position in Propanc Biopharma Inc (NASDAQ:PPCB) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 41,677 shares of the company’s stock, valued at approximately $71,000. Virtu Financial LLC owned 0.33% of Propanc Biopharma as of its most recent SEC filing.

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.