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

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

Institutional Trading of Propanc Biopharma

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

Propanc Biopharma Stock Performance

PPCB traded down $0.04 during trading hours on Friday, reaching $1.47. The company’s stock had a trading volume of 53,608 shares, compared to its average volume of 8,962,101. The company’s 50-day moving average is $2.03 and its 200-day moving average is $5.85. Propanc Biopharma has a 52 week low of $1.30 and a 52 week high of $270.25. The firm has a market cap of $3.35 million, a PE ratio of -0.06 and a beta of 3.48.

Propanc Biopharma declared that its board has approved a stock 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 purchase up to 162.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

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 research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of “Sell”.

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.