Novogen Limited (NASDAQ:KZIA) Short Interest Up 62.0% in August

Novogen Limited (NASDAQ:KZIA) was the target of a large increase in short interest in August. As of August 31st, there was short interest totaling 905,818 shares, an increase of 62.0% from the August 15th total of 559,162 shares. Based on an average daily volume of 309,445 shares, the days-to-cover ratio is presently 2.9 days. Currently, 7.1% of the company’s stock are short sold.

Novogen Stock Performance

KZIA traded up $0.66 during trading hours on Thursday, hitting $10.86. 445,149 shares of the company’s stock were exchanged, compared to its average volume of 228,120. Novogen has a 1-year low of $4.86 and a 1-year high of $17.40. The stock’s 50-day moving average is $12.97 and its two-hundred day moving average is $11.79.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Lake Street Capital began coverage on shares of Novogen in a research report on Thursday, June 11th. They issued a “buy” rating and a $32.00 price objective on the stock. BTIG Research restated a “buy” rating and issued a $40.00 price target on shares of Novogen in a report on Thursday, September 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Novogen in a report on Friday, July 17th. Finally, Canaccord Genuity Group began coverage on Novogen in a research report on Thursday, August 13th. They issued a “buy” rating and a $29.00 target price on the stock. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $27.33.

About Novogen

Novogen Limited, now known as Kazia Therapeutics Limited, is an Australia-based biotechnology company focused on developing therapies for cancer and other serious diseases. The company’s research has centered on targeted treatments designed to address tumors that are difficult to treat with conventional approaches.

Kazia’s principal clinical program has been paxalisib, an orally administered inhibitor of the PI3K/mTOR pathway being investigated primarily for brain cancers, including glioblastoma.