Portage Biotech Inc. (NASDAQ:ALP) Stock Short Interest Report for October

Portage Biotech Inc. (NASDAQ:ALP) saw a significant increase in short interest in the month of October. As of October 15th, there was short interest totaling 174,132 shares, an increase of 61.3% from the September 30th total of 107,986 shares. Approximately 11.2% of the shares of the company are short sold. Based on an average daily trading volume, of 271,932 shares, the days-to-cover ratio is currently 0.6 days.

Portage Biotech Price Performance

Shares of NASDAQ:ALP opened at $3.28 on Tuesday. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $5.08 million, a PE ratio of -0.01 and a beta of 0.63. Portage Biotech has a twelve month low of $2.78 and a twelve month high of $255.50. The company has a 50-day moving average price of $4.84 and a two-hundred day moving average price of $15.04.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on ALP shares. HC Wainwright started coverage on Portage Biotech in a research note on Monday, August 17th. They issued a “neutral” rating and a $12.50 price objective on the stock. Zacks Research raised Portage Biotech to a “hold” rating in a research report on Tuesday, August 18th. Wall Street Zen upgraded Portage Biotech to a “hold” rating in a research note on Saturday, September 12th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Portage Biotech in a research note on Thursday, October 22nd. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Portage Biotech has a consensus rating of “Reduce” and an average price target of $12.50.

Insider Transactions at Portage Biotech

In related news, insider Fiorenzo Villani acquired 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 22nd. The stock was acquired at an average price of $4.40 per share, for a total transaction of $44,000.00. Following the completion of the acquisition, the insider owned 48,886 shares of the company’s stock, valued at approximately $215,098.40. This represents a 25.72% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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, for a total transaction of $50,022.50. Following the transaction, the chief executive officer owned 16,766 shares of the company’s stock, valued at approximately $89,698.10. This trade represents a 126.08% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased 57,047 shares of company stock valued at $254,815 in the last 90 days.

Portage Biotech Company Profile

Portage Biotech Inc is a clinical-stage biotechnology company focused on developing immuno-oncology treatments for cancer. The company’s approach is designed to stimulate the immune system and promote targeted destruction of tumor cells, with the goal of addressing cancers that may be difficult to treat with conventional therapies.

Portage’s lead investigational product is INT230-6, an intratumoral therapy licensed from Intensity Therapeutics. The treatment is designed to deliver anticancer agents directly into tumors and may also activate an immune response against cancer cells elsewhere in the body.