Portage Biotech Inc. (NASDAQ:ALP) Shares Shorted: Short Interest Up 61.3% in October

Portage Biotech Inc. (NASDAQ:ALP) was the recipient of a large growth in short interest during the month of October. As of October 15th, there was short interest totaling 174,132 shares, a growth of 61.3% from the September 30th total of 107,986 shares. Based on an average trading volume of 271,932 shares, the days-to-cover ratio is presently 0.6 days. Currently, 11.2% of the company’s shares are short sold.

Wall Street Analyst Weigh In

Several brokerages have commented on ALP. Wall Street Zen raised Portage Biotech to a “hold” rating in a report on Saturday, September 12th. Zacks Research upgraded Portage Biotech to a “hold” rating in a research report on Tuesday, August 18th. HC Wainwright started coverage on Portage Biotech in a research note on Monday, August 17th. They issued a “neutral” rating and a $12.50 price objective on the stock. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Portage Biotech in a report on Thursday, October 22nd. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Portage Biotech has an average rating of “Reduce” and a consensus target price of $12.50.

Portage Biotech Trading Up 15.9%

Portage Biotech stock traded up $0.52 during trading hours on Monday, reaching $3.80. 16,967 shares of the company’s stock were exchanged, compared to its average volume of 218,547. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.01. The firm’s 50 day simple moving average is $4.93 and its 200 day simple moving average is $15.34. Portage Biotech has a twelve month low of $2.78 and a twelve month high of $255.50. The firm has a market capitalization of $5.89 million, a PE ratio of -0.01 and a beta of 0.65.

Insider Buying and Selling

In other Portage Biotech news, CEO Brittany Kaiser purchased 9,350 shares of the company’s stock in a transaction dated Wednesday, September 9th. The stock was purchased at an average price of $5.35 per share, with a total value of $50,022.50. Following the completion of the purchase, the chief executive officer owned 16,766 shares of the company’s stock, valued at approximately $89,698.10. The trade was a 126.08% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Fiorenzo Villani purchased 10,000 shares of the company’s stock in a transaction dated Tuesday, September 22nd. The shares were acquired at an average cost of $4.40 per share, with a total value of $44,000.00. Following the purchase, the insider directly owned 48,886 shares of the company’s stock, valued at approximately $215,098.40. The trade was a 25.72% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 57,047 shares of company stock worth $254,815 over the last three months.

About Portage Biotech

Portage Biotech Inc is a clinical-stage biotechnology company focused on developing immuno-oncology treatments for cancer. The company’s approach is designed to stimulate the immune system and promote targeted destruction of tumor cells, with the goal of addressing cancers that may be difficult to treat with conventional therapies.

Portage’s lead investigational product is INT230-6, an intratumoral therapy licensed from Intensity Therapeutics. The treatment is designed to deliver anticancer agents directly into tumors and may also activate an immune response against cancer cells elsewhere in the body.