Portage Biotech Inc. (NASDAQ:ALP) Stock Short Interest Falls 94.7%

Portage Biotech Inc. (NASDAQ:ALP) was the target of a significant decline in short interest in September. As of September 15th, there was short interest totaling 125,301 shares, a decline of 94.7% from the August 31st total of 2,354,529 shares. Based on an average trading volume of 200,915 shares, the days-to-cover ratio is presently 0.6 days. Currently, 8.1% of the company’s stock are sold short.

Insider Activity

In other Portage Biotech news, CEO Brittany Kaiser purchased 9,350 shares of Portage Biotech stock in a transaction that occurred on Wednesday, September 9th. The stock was purchased at an average price of $5.35 per share, with a total value of $50,022.50. Following the completion of the acquisition, the chief executive officer owned 16,766 shares of the company’s stock, valued at approximately $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 hyperlink. Also, insider Fiorenzo Villani acquired 10,382 shares of the stock in a transaction on Tuesday, September 15th. The shares were acquired at an average price of $4.07 per share, with a total value of $42,254.74. Following the purchase, the insider owned 34,601 shares in the company, valued at $140,826.07. This represents a 42.87% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders purchased 51,897 shares of company stock worth $235,245.

Portage Biotech Stock Up 23.6%

Shares of Portage Biotech stock opened at $5.61 on Friday. The stock has a market capitalization of $8.70 million, a price-to-earnings ratio of -0.01 and a beta of 0.54. Portage Biotech has a twelve month low of $3.20 and a twelve month high of $690.00. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.01. The business’s 50 day simple moving average is $8.60 and its 200-day simple moving average is $13.86.

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

Wall Street Analysts Forecast Growth

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

Portage Biotech Company Profile

Portage Biotech Inc is a clinical-stage biotechnology company focused on developing immuno-oncology treatments designed to stimulate the immune system to target and eliminate cancer cells. Its research has centered on therapies involving invariant natural killer T (iNKT) cells, a specialized immune-cell population that may help generate targeted antitumor responses.

The company’s pipeline has included investigational therapies intended for use in solid tumors, including approaches that combine immune-cell activation with mechanisms designed to improve the tumor microenvironment and enhance treatment response.