Portage Biotech Inc. (NASDAQ:ALP) Short Interest Update

Portage Biotech Inc. (NASDAQ:ALP) was the recipient of a significant drop in short interest in the month of August. As of August 31st, there was short interest totaling 2,354,529 shares, a drop of 33.3% from the August 15th total of 3,529,718 shares. Currently, 10.0% of the company’s stock are short sold. Based on an average daily volume of 3,144,903 shares, the short-interest ratio is presently 0.7 days.

Portage Biotech Stock Up 2.5%

Shares of NASDAQ ALP opened at $4.10 on Thursday. The business has a 50-day moving average of $10.03 and a two-hundred day moving average of $14.50. The company has a market capitalization of $6.35 million, a price-to-earnings ratio of -0.01 and a beta of 0.54. Portage Biotech has a 1 year low of $3.20 and a 1 year high of $690.00. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.31 and a quick ratio of 0.31.

Portage Biotech (NASDAQ:ALP) last released its quarterly earnings data on Thursday, July 16th. The company reported $23.75 EPS for the quarter. The business had revenue of $0.05 million during the quarter. On average, analysts forecast that Portage Biotech will post -14 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ALP. Weiss Ratings restated a “sell (e+)” rating on shares of Portage Biotech in a research note on Friday, July 24th. Zacks Research upgraded shares of Portage Biotech to a “hold” rating in a research note on Tuesday, August 18th. HC Wainwright began coverage on shares of Portage Biotech in a report on Monday, August 17th. They set a “neutral” rating and a $12.50 price target for the company. Finally, Wall Street Zen raised shares of Portage Biotech to a “hold” rating in a research report on Saturday, September 12th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $12.50.

Insiders Place Their Bets

In related news, CEO Brittany Kaiser bought 9,350 shares of the stock in a transaction that occurred on Wednesday, September 9th. The stock was purchased at an average cost of $5.35 per share, with a total value of $50,022.50. Following the purchase, the chief executive officer directly owned 16,766 shares of the company’s stock, valued at $89,698.10. This trade represents a 126.08% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Fiorenzo Villani bought 7,000 shares of the stock in a transaction that occurred on Wednesday, September 9th. The shares were bought at an average cost of $5.07 per share, with a total value of $35,490.00. Following the completion of the purchase, the insider directly owned 22,219 shares in the company, valued at $112,650.33. This represents a 46.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders purchased 17,350 shares of company stock valued at $90,612.

About Portage Biotech

Portage Biotech (NASDAQ:ATON) is a biotechnology company focused on acquiring, developing and advancing therapeutic candidates and platform technologies. The company concentrates its development efforts primarily in areas such as oncology, immunology/inflammation and infectious disease, seeking to move programs from discovery and preclinical stages into clinical development through subsidiary companies and collaborative arrangements.

Portage structures its operations to support a diversified pipeline, advancing both small molecules and biologics by funding preclinical research, conducting clinical trials, and managing regulatory interactions.