Short Interest in Propanc Biopharma Inc (NASDAQ:PPCB) Drops By 84.9%

Propanc Biopharma Inc (NASDAQ:PPCB) saw a significant drop in short interest in the month of July. As of July 31st, there was short interest totaling 20,152 shares, a drop of 84.9% from the July 15th total of 133,524 shares. Based on an average daily volume of 99,223 shares, the short-interest ratio is currently 0.2 days. Currently, 1.2% of the shares of the stock are short sold.

Propanc Biopharma Trading Up 1.6%

NASDAQ PPCB traded up $0.02 on Friday, hitting $1.24. 32,956 shares of the company’s stock were exchanged, compared to its average volume of 1,646,135. The stock has a 50-day moving average of $1.49 and a 200-day moving average of $2.77. Propanc Biopharma has a 52 week low of $0.95 and a 52 week high of $234.00. The stock has a market cap of $2.83 million, a price-to-earnings ratio of -0.05 and a beta of 3.52.

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

Institutional Trading of Propanc Biopharma

An institutional investor recently bought a new stake in Propanc Biopharma stock. Virtu Financial LLC bought a new stake in Propanc Biopharma Inc (NASDAQ:PPCB) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 41,677 shares of the company’s stock, valued at approximately $71,000. Virtu Financial LLC owned about 0.33% of Propanc Biopharma as of its most recent SEC filing.

Analyst Ratings Changes

Separately, Weiss Ratings raised shares of Propanc Biopharma from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday. 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”.

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.