Portage Biotech Inc. (NASDAQ:ALP) Sees Significant Drop in Short Interest

Portage Biotech Inc. (NASDAQ:ALP) was the target of a significant drop in short interest during the month of July. As of July 31st, there was short interest totaling 944,529 shares, a drop of 37.0% from the July 15th total of 1,498,532 shares. Based on an average daily trading volume, of 3,047,112 shares, the short-interest ratio is currently 0.3 days. Approximately 4.0% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ALP. HC Wainwright started coverage on Portage Biotech in a report on Monday. They set a “neutral” rating and a $0.25 price target for the company. Weiss Ratings restated a “sell (e+)” rating on shares of Portage Biotech in a research report on Friday, July 24th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Portage Biotech has an average rating of “Reduce” and a consensus price target of $0.25.

Portage Biotech Trading Down 8.5%

NASDAQ:ALP opened at $0.16 on Tuesday. Portage Biotech has a 12 month low of $0.15 and a 12 month high of $13.80. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $3.72 million, a price-to-earnings ratio of -0.02 and a beta of 0.61. The firm has a fifty day simple moving average of $0.29 and a two-hundred day simple moving average of $0.35.

Portage Biotech (NASDAQ:ALP) last released its quarterly earnings data on Thursday, July 16th. The company reported $0.48 earnings per share (EPS) for the quarter. The company had revenue of $0.05 million for the quarter.

About Portage Biotech

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.