Propanc Biopharma Inc (NASDAQ:PPCB) Stock Short Interest Drops 91.4%

Propanc Biopharma Inc (NASDAQ:PPCB) saw a significant decline in short interest during the month of September. As of September 15th, there was short interest totaling 29,003 shares, a decline of 91.4% from the August 31st total of 335,967 shares. Approximately 1.8% of the company’s shares are short sold. Based on an average trading volume of 298,214 shares, the days-to-cover ratio is currently 0.1 days.

Analysts Set New Price Targets

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

Propanc Biopharma Trading Down 4.2%

Shares of NASDAQ:PPCB traded down $0.03 during trading on Thursday, hitting $0.60. 192,319 shares of the company’s stock were exchanged, compared to its average volume of 5,373,659. Propanc Biopharma has a 1-year low of $0.56 and a 1-year high of $52.50. The firm has a 50-day moving average price of $1.10 and a two-hundred day moving average price of $1.84. The firm has a market cap of $1.37 million, a P/E ratio of -0.02 and a beta of 3.52.

Propanc Biopharma declared that its Board of Directors has initiated a share repurchase plan on Thursday, June 11th that allows the company to repurchase $5.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 162.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

About Propanc Biopharma

Propanc Biopharma, Inc is a biotechnology company focused on developing novel treatments for solid tumors. The company’s research centers on the use of proenzymes—precursors to digestive enzymes—as a potential therapeutic approach for targeting cancer cells and limiting tumor growth, recurrence and metastasis.

Propanc’s lead product candidate is PRP, an investigational proenzyme therapy being developed primarily for cancers with a high risk of recurrence, including pancreatic, ovarian and colorectal cancers.