Portage Biotech Inc. (NASDAQ:ALP) Short Interest Update

Portage Biotech Inc. (NASDAQ:ALP) saw a large drop in short interest in September. As of September 15th, there was short interest totaling 125,301 shares, a drop of 94.7% from the August 31st total of 2,354,529 shares. Based on an average daily trading volume, of 200,915 shares, the days-to-cover ratio is currently 0.6 days. Approximately 8.1% of the company’s shares are sold short.

Insider Activity

In related news, CEO Brittany Kaiser acquired 9,350 shares of the stock in a transaction on Wednesday, September 9th. The stock was bought at an average cost of $5.35 per share, with a total value of $50,022.50. Following the transaction, the chief executive officer directly owned 16,766 shares in the company, valued at approximately $89,698.10. This represents a 126.08% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Fiorenzo Villani bought 10,000 shares of the company’s stock in a transaction on Tuesday, September 22nd. The stock was bought at an average price of $4.40 per share, for a total transaction of $44,000.00. Following the completion of the purchase, the insider directly owned 48,886 shares in the company, valued at approximately $215,098.40. This represents a 25.72% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders acquired 51,897 shares of company stock valued at $235,245.

Portage Biotech Stock Up 23.6%

Shares of ALP traded up $1.07 during mid-day trading on Thursday, hitting $5.61. The company’s stock had a trading volume of 157,694 shares, compared to its average volume of 125,423. The company’s 50-day moving average is $8.60 and its 200-day moving average is $13.86. Portage Biotech has a 52-week low of $3.20 and a 52-week high of $690.00. The firm has a market capitalization of $8.70 million, a price-to-earnings ratio of -0.01 and a beta of 0.54. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.01.

Portage Biotech (NASDAQ:ALP) last issued its quarterly earnings data on Thursday, July 16th. The company reported $23.75 earnings per share (EPS) for the quarter. The business had revenue of $0.05 million for the quarter. On average, equities research analysts forecast that Portage Biotech will post -14 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on ALP. Wall Street Zen raised Portage Biotech to a “hold” rating in a research note on Saturday, September 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Portage Biotech in a research report on Friday, July 24th. Zacks Research upgraded Portage Biotech to a “hold” rating in a report on Tuesday, August 18th. Finally, HC Wainwright initiated coverage on Portage Biotech in a report on Monday, August 17th. They issued a “neutral” rating and a $12.50 target price for the company. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $12.50.

About Portage Biotech

Portage Biotech Inc is a clinical-stage biotechnology company focused on developing immuno-oncology treatments designed to stimulate the immune system to target and eliminate cancer cells. Its research has centered on therapies involving invariant natural killer T (iNKT) cells, a specialized immune-cell population that may help generate targeted antitumor responses.

The company’s pipeline has included investigational therapies intended for use in solid tumors, including approaches that combine immune-cell activation with mechanisms designed to improve the tumor microenvironment and enhance treatment response.