Portage Biotech Inc. (NASDAQ:ALP) Sees Significant Drop in Short Interest

Portage Biotech Inc. (NASDAQ:ALP) was the recipient of a significant drop in short interest in July. As of July 31st, there was short interest totaling 944,529 shares, a drop of 37.0% from the July 15th total of 1,498,532 shares. Based on an average daily trading volume, of 3,047,112 shares, the short-interest ratio is currently 0.3 days. Currently, 4.0% of the shares of the stock are short sold.

Analysts Set New Price Targets

Several research analysts have recently issued reports on ALP shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Portage Biotech in a report on Friday, July 24th. HC Wainwright began coverage on Portage Biotech in a report on Monday. They set a “neutral” rating and a $0.25 price objective on the stock. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $0.25.

Portage Biotech Stock Performance

Portage Biotech stock opened at $0.16 on Tuesday. The business has a 50 day moving average of $0.29 and a 200-day moving average of $0.35. The company has a market capitalization of $3.72 million, a P/E ratio of -0.02 and a beta of 0.61. Portage Biotech has a 1 year low of $0.15 and a 1 year high of $13.80. 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 posted its earnings results on Thursday, July 16th. The company reported $0.48 EPS for the quarter. The business had revenue of $0.05 million for the quarter.

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.