Novogen Limited (NASDAQ:KZIA) Sees Large Growth in Short Interest

Novogen Limited (NASDAQ:KZIA) saw a significant growth in short interest in the month of August. As of August 31st, there was short interest totaling 905,818 shares, a growth of 62.0% from the August 15th total of 559,162 shares. Currently, 7.1% of the shares of the stock are short sold. Based on an average trading volume of 309,445 shares, the short-interest ratio is currently 2.9 days.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on KZIA shares. Lake Street Capital started coverage on shares of Novogen in a research report on Thursday, June 11th. They issued a “buy” rating and a $32.00 target price on the stock. BTIG Research restated a “buy” rating and set a $40.00 price target on shares of Novogen in a research report on Thursday, September 10th. Canaccord Genuity Group started coverage on shares of Novogen in a research note on Thursday, August 13th. They issued a “buy” rating and a $29.00 price target on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Novogen in a report on Friday, July 17th. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $27.33.

Novogen Price Performance

NASDAQ KZIA opened at $10.86 on Friday. The business has a fifty day moving average price of $12.93 and a 200 day moving average price of $11.80. Novogen has a one year low of $4.86 and a one year high of $17.40.

About Novogen

Novogen Limited, now known as Kazia Therapeutics Limited, is an Australia-based biotechnology company focused on developing therapies for cancer and other serious diseases. The company’s research has centered on targeted treatments designed to address tumors that are difficult to treat with conventional approaches.

Kazia’s principal clinical program has been paxalisib, an orally administered inhibitor of the PI3K/mTOR pathway being investigated primarily for brain cancers, including glioblastoma.