Portage Biotech Inc. (NASDAQ:ALP) Shares Shorted: Short Interest Down 94.7% in September

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

Insider Activity at Portage Biotech

In other Portage Biotech news, CEO Brittany Kaiser acquired 9,350 shares of the business’s stock in a transaction dated Wednesday, September 9th. The stock was bought at an average price of $5.35 per share, with a total value of $50,022.50. Following the purchase, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Fiorenzo Villani acquired 10,382 shares of the business’s stock in a transaction dated Tuesday, September 15th. The stock was acquired at an average cost of $4.07 per share, with a total value of $42,254.74. Following the purchase, the insider directly owned 34,601 shares in the company, valued at $140,826.07. This represents a 42.87% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 51,897 shares of company stock worth $235,245 over the last three months.

Analysts Set New Price Targets

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

Portage Biotech Trading Down 0.5%

Shares of NASDAQ ALP traded down $0.03 during trading hours on Friday, hitting $5.58. The company’s stock had a trading volume of 192,239 shares, compared to its average volume of 136,263. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.31 and a current ratio of 0.31. The stock has a market cap of $8.65 million, a price-to-earnings ratio of -0.01 and a beta of 0.54. Portage Biotech has a 12 month low of $3.20 and a 12 month high of $690.00. The business has a 50-day simple moving average of $8.38 and a 200-day simple moving average of $13.81.

Portage Biotech (NASDAQ:ALP) last announced its quarterly earnings results on Thursday, July 16th. The company reported $23.75 earnings per share (EPS) for the quarter. The business had revenue of $0.05 million for the quarter. On average, analysts anticipate that Portage Biotech will post -14 earnings per share for the current fiscal year.

About Portage Biotech

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.