Propanc Biopharma Inc (NASDAQ:PPCB) Sees Large Growth in Short Interest

Propanc Biopharma Inc (NASDAQ:PPCB) was the recipient of a significant growth in short interest during the month of August. As of August 31st, there was short interest totaling 335,967 shares, a growth of 497.2% from the August 15th total of 56,255 shares. Approximately 20.7% of the company’s stock are short sold. Based on an average daily volume of 9,115,538 shares, the short-interest ratio is currently 0.0 days.

Institutional Trading of Propanc Biopharma

A hedge fund recently bought a new stake 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 filing with the Securities and Exchange Commission. The firm bought 41,677 shares of the company’s stock, valued at approximately $71,000. Virtu Financial LLC owned approximately 0.33% of Propanc Biopharma at the end of the most recent quarter.

Propanc Biopharma Trading Down 2.3%

PPCB stock traded down $0.02 during mid-day trading on Friday, hitting $0.92. 225,040 shares of the company were exchanged, compared to its average volume of 5,237,049. The company has a market capitalization of $2.10 million, a PE ratio of -0.04 and a beta of 3.52. Propanc Biopharma has a twelve month low of $0.87 and a twelve month high of $62.50. The firm has a fifty day simple moving average of $1.28 and a 200 day simple moving average of $2.11.

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

Analyst Ratings Changes

Separately, Weiss Ratings downgraded Propanc Biopharma from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, August 26th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has an average rating of “Sell”.

Propanc Biopharma Company Profile

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.