Propanc Biopharma Inc (NASDAQ:PPCB) Sees Large Increase in Short Interest

Propanc Biopharma Inc (NASDAQ:PPCB) was the recipient of a significant growth in short interest in June. As of June 15th, there was short interest totaling 352,559 shares, a growth of 1,030.0% from the May 31st total of 31,201 shares. Based on an average daily volume of 15,852,470 shares, the days-to-cover ratio is presently 0.0 days. Currently, 21.6% of the company’s stock are sold short.

Propanc Biopharma Stock Performance

PPCB opened at $1.51 on Friday. The company has a market cap of $3.44 million, a PE ratio of -0.06 and a beta of 3.48. The stock has a 50-day moving average of $2.06 and a 200-day moving average of $5.88. Propanc Biopharma has a 52-week low of $1.30 and a 52-week high of $270.25.

Propanc Biopharma announced that its Board of Directors has initiated a share repurchase program on Thursday, June 11th that authorizes the company to buyback $5.00 million in shares. This buyback authorization authorizes the company to reacquire up to 162.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Propanc Biopharma

An institutional investor recently bought a new stake in Propanc Biopharma stock. Virtu Financial LLC acquired a new position in Propanc Biopharma Inc (NASDAQ:PPCB) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 41,677 shares of the company’s stock, valued at approximately $71,000. Virtu Financial LLC owned about 0.33% of Propanc Biopharma at the end of the most recent quarter.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised Propanc Biopharma from a “sell (e)” rating to a “sell (e+)” rating in a research report on Friday, May 1st. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has an average rating of “Sell”.

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.