Propanc Biopharma Inc (NASDAQ:PPCB) Sees Significant Increase in Short Interest

Propanc Biopharma Inc (NASDAQ:PPCB) saw a large increase in short interest in the month of July. As of July 15th, there was short interest totaling 133,524 shares, an increase of 689.9% from the June 30th total of 16,903 shares. Based on an average trading volume of 5,925,509 shares, the short-interest ratio is presently 0.0 days. Currently, 8.2% of the shares of the company are short sold.

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 report on Friday, May 1st. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Sell”.

Propanc Biopharma Stock Down 5.5%

NASDAQ:PPCB traded down $0.08 on Friday, reaching $1.37. 13,245 shares of the company’s stock traded hands, compared to its average volume of 3,069,708. The stock has a 50-day simple moving average of $1.66 and a 200-day simple moving average of $3.67. The firm has a market cap of $3.12 million, a PE ratio of -0.06 and a beta of 3.49. Propanc Biopharma has a 12 month low of $1.30 and a 12 month high of $270.25.

Propanc Biopharma announced that its board has initiated a stock repurchase program on Thursday, June 11th that allows the company to buyback $5.00 million in shares. This buyback authorization allows the company to reacquire up to 162.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Institutional Trading of Propanc Biopharma

An institutional investor recently bought a new position in Propanc Biopharma stock. Virtu Financial LLC purchased a new position in Propanc Biopharma Inc (NASDAQ:PPCB) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 41,677 shares of the company’s stock, valued at approximately $71,000. Virtu Financial LLC owned 0.33% of Propanc Biopharma at the end of the most recent reporting period.

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.