Portage Biotech Inc. (NASDAQ:ALP) Short Interest Update

Portage Biotech Inc. (NASDAQ:ALP) was the recipient of a large decline in short interest in the month of August. As of August 31st, there was short interest totaling 2,354,529 shares, a decline of 33.3% from the August 15th total of 3,529,718 shares. Currently, 10.0% of the company’s shares are short sold. Based on an average daily trading volume, of 3,144,903 shares, the short-interest ratio is currently 0.7 days.

Portage Biotech Stock Up 2.5%

Shares of NASDAQ:ALP opened at $4.10 on Thursday. The firm has a market capitalization of $6.35 million, a PE ratio of -0.01 and a beta of 0.54. Portage Biotech has a 1 year low of $3.20 and a 1 year high of $690.00. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.31 and a quick ratio of 0.31. The firm’s 50-day moving average is $10.03 and its two-hundred day moving average is $14.50.

Portage Biotech (NASDAQ:ALP) last posted its quarterly earnings data on Thursday, July 16th. The company reported $23.75 EPS for the quarter. The business had revenue of $0.05 million during the quarter. Analysts predict that Portage Biotech will post -14 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently weighed in on ALP. Weiss Ratings reiterated a “sell (e+)” rating on shares of Portage Biotech in a report on Friday, July 24th. Wall Street Zen upgraded Portage Biotech to a “hold” rating in a research note on Saturday, September 12th. HC Wainwright initiated coverage on Portage Biotech in a research report on Monday, August 17th. They set a “neutral” rating and a $12.50 price target for the company. 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 stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $12.50.

Insider Transactions at Portage Biotech

In related news, CEO Brittany Kaiser bought 9,350 shares of the firm’s stock in a transaction on Wednesday, September 9th. The shares were bought at an average price of $5.35 per share, with a total value of $50,022.50. Following the completion of the transaction, the chief executive officer directly owned 16,766 shares of the company’s stock, valued at $89,698.10. This represents a 126.08% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Fiorenzo Villani bought 7,000 shares of the stock in a transaction on Wednesday, September 9th. The shares were bought at an average cost of $5.07 per share, with a total value of $35,490.00. Following the purchase, the insider owned 22,219 shares of the company’s stock, valued at $112,650.33. This trade represents a 46.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired 17,350 shares of company stock worth $90,612 in the last ninety days.

Portage Biotech Company Profile

Portage Biotech (NASDAQ:ATON) is a biotechnology company focused on acquiring, developing and advancing therapeutic candidates and platform technologies. The company concentrates its development efforts primarily in areas such as oncology, immunology/inflammation and infectious disease, seeking to move programs from discovery and preclinical stages into clinical development through subsidiary companies and collaborative arrangements.

Portage structures its operations to support a diversified pipeline, advancing both small molecules and biologics by funding preclinical research, conducting clinical trials, and managing regulatory interactions.