Short Interest in Propanc Biopharma Inc (NASDAQ:PPCB) Rises By 689.9%

Propanc Biopharma Inc (NASDAQ:PPCB) was the recipient of a significant growth in short interest in 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. Based on an average trading volume of 5,925,509 shares, the days-to-cover ratio is presently 0.0 days. Approximately 8.2% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

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

Propanc Biopharma Stock Down 5.5%

Propanc Biopharma stock opened at $1.37 on Friday. The company’s 50-day moving average price is $1.66 and its two-hundred day moving average price is $3.67. The stock has a market cap of $3.12 million, a P/E ratio of -0.06 and a beta of 3.49. Propanc Biopharma has a twelve month low of $1.30 and a twelve month high of $270.25.

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

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Propanc Biopharma stock. Virtu Financial LLC purchased a new position in shares of Propanc Biopharma Inc (NASDAQ:PPCB) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 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 filing with the Securities and Exchange Commission (SEC).

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.