Portage Biotech Inc. (NASDAQ:ALP) Short Interest Up 273.7% in August

Portage Biotech Inc. (NASDAQ:ALP) was the target of a significant increase in short interest during the month of August. As of August 14th, there was short interest totaling 3,529,718 shares, an increase of 273.7% from the July 30th total of 944,529 shares. Approximately 15.0% of the shares of the company are sold short. Based on an average trading volume of 13,840,418 shares, the short-interest ratio is presently 0.3 days.

Portage Biotech Stock Performance

ALP traded down $0.01 during trading on Friday, hitting $0.17. The stock had a trading volume of 601,118 shares, compared to its average volume of 11,877,820. The firm has a market capitalization of $3.93 million, a P/E ratio of -0.02 and a beta of 0.61. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.31 and a current ratio of 0.31. Portage Biotech has a twelve month low of $0.14 and a twelve month high of $13.80. The company’s 50-day moving average price is $0.26 and its 200 day moving average price is $0.32.

Portage Biotech (NASDAQ:ALP) last issued its earnings results on Thursday, July 16th. The company reported $0.48 earnings per share for the quarter. The firm had revenue of $0.05 million during the quarter. On average, equities research analysts forecast that Portage Biotech will post -0.28 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ALP. Zacks Research upgraded shares of Portage Biotech to a “hold” rating in a research note on Tuesday, August 18th. Weiss Ratings reissued a “sell (e+)” rating on shares of Portage Biotech in a report on Friday, July 24th. Finally, HC Wainwright began coverage on Portage Biotech in a research report on Monday, August 17th. They issued a “neutral” rating and a $0.25 price target on the stock. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Portage Biotech currently has a consensus rating of “Reduce” and a consensus price target of $0.25.

Portage Biotech Company Profile

Portage Biotech (NASDAQ:ATON) is a biotechnology company focused on acquiring, developing and advancing therapeutic candidates and platform technologies. The company concentrates its development efforts primarily in areas such as oncology, immunology/inflammation and infectious disease, seeking to move programs from discovery and preclinical stages into clinical development through subsidiary companies and collaborative arrangements.

Portage structures its operations to support a diversified pipeline, advancing both small molecules and biologics by funding preclinical research, conducting clinical trials, and managing regulatory interactions.