Propanc Biopharma Inc (NASDAQ:PPCB) Short Interest Update

Propanc Biopharma Inc (NASDAQ:PPCB) saw a significant growth in short interest during the month of August. As of August 14th, there was short interest totaling 56,255 shares, a growth of 179.2% from the July 30th total of 20,152 shares. Based on an average daily trading volume, of 235,824 shares, the days-to-cover ratio is presently 0.2 days. Currently, 3.5% of the company’s shares are sold short.

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 shares of Propanc Biopharma Inc (NASDAQ:PPCB) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 41,677 shares of the company’s stock, valued at approximately $71,000. Virtu Financial LLC owned approximately 0.33% of Propanc Biopharma as of its most recent filing with the Securities & Exchange Commission.

Analyst Ratings Changes

Separately, Weiss Ratings lowered shares of Propanc Biopharma from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has a consensus rating of “Sell”.

Propanc Biopharma Trading Down 39.5%

Shares of NASDAQ PPCB opened at $1.35 on Friday. Propanc Biopharma has a twelve month low of $0.95 and a twelve month high of $81.00. The stock has a fifty day simple moving average of $1.39 and a 200-day simple moving average of $2.41. The stock has a market capitalization of $3.08 million, a PE ratio of -0.06 and a beta of 3.52.

Propanc Biopharma declared that its Board of Directors has approved a share repurchase plan on Thursday, June 11th that permits the company to buyback $5.00 million in shares. This buyback authorization permits the company to repurchase up to 162.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Propanc Biopharma Company Profile

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.