Short Interest in Propanc Biopharma Inc (NASDAQ:PPCB) Grows By 179.2%

Propanc Biopharma Inc (NASDAQ:PPCB – Get Free Report) was the recipient of a large increase in short interest in August. As of August 14th, there was short interest totaling 56,255 shares, an increase of 179.2% from the July 30th total of 20,152 shares. Based on an average trading volume of 235,824 shares, the days-to-cover ratio is presently 0.2 days. Approximately 3.5% of the company’s stock are short sold.

Wall Street Analyst Weigh In

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

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Propanc Biopharma Trading Down 39.5%

Shares of NASDAQ:PPCB traded down $0.88 during midday trading on Friday, reaching $1.35. The company had a trading volume of 4,000,836 shares, compared to its average volume of 4,997,722. The company’s 50 day moving average price is $1.39 and its 200 day moving average price is $2.41. The stock has a market cap of $3.08 million, a P/E ratio of -0.06 and a beta of 3.52. Propanc Biopharma has a 52-week low of $0.95 and a 52-week high of $81.00.

Propanc Biopharma declared that its board has authorized a share buyback plan on Thursday, June 11th that authorizes the company to repurchase $5.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 162.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Propanc Biopharma stock. Virtu Financial LLC purchased a new position in Propanc Biopharma Inc (NASDAQ:PPCB – Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 41,677 shares of the company’s stock, valued at approximately $71,000. Virtu Financial LLC owned 0.33% of Propanc Biopharma at the end of the most recent quarter.

Propanc Biopharma Company Profile

(Get Free Report)

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.

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