Short Interest in Propanc Biopharma Inc (NASDAQ:PPCB) Expands By 497.2%

Propanc Biopharma Inc (NASDAQ:PPCB) saw a significant increase in short interest during the month of August. As of August 31st, there was short interest totaling 335,967 shares, an increase of 497.2% from the August 15th total of 56,255 shares. Based on an average daily trading volume, of 9,115,538 shares, the short-interest ratio is currently 0.0 days. Approximately 20.7% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut Propanc Biopharma from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, August 26th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, Propanc Biopharma currently has a consensus rating of “Sell”.

Propanc Biopharma Stock Down 4.8%

Shares of NASDAQ:PPCB opened at $0.94 on Friday. The stock has a market cap of $2.15 million, a P/E ratio of -0.04 and a beta of 3.52. Propanc Biopharma has a 52-week low of $0.92 and a 52-week high of $62.50. The business’s 50 day moving average is $1.30 and its 200 day moving average is $2.12.

Propanc Biopharma announced that its Board of Directors has authorized a stock repurchase program on Thursday, June 11th that allows the company to repurchase $5.00 million in shares. This repurchase authorization allows the company to buy up to 162.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Institutional Investors 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 shares of Propanc Biopharma Inc (NASDAQ:PPCB) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 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 SEC filing.

About Propanc Biopharma

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.