Is Portage Biotech Inc (NASDAQ: PRTG) Proving The Doubters Wrong?

Portage Biotech Inc (PRTG) concluded trading on Wednesday at a closing price of $9.91, with 51.43 million shares of worth about $509.66 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -9.91% during that period and on September 18, 2024 the price saw a gain of about 118.76%. Currently the company’s common shares owned by public are about 0.99M shares, out of which, 0.42M shares are available for trading.

Stock saw a price change of 193.20% in past 5 days and over the past one month there was a price change of 287.11%. Year-to-date (YTD), PRTG shares are showing a performance of -72.77% which decreased to -81.48% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $2.10 but also hit the highest price of $59.13 during that period. The average intraday trading volume for Portage Biotech Inc shares is 947.56K. The stock is currently trading 147.29% above its 20-day simple moving average (SMA20), while that difference is up 171.74% for SMA50 and it goes to -3.37% lower than SMA200.

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Portage Biotech Inc (NASDAQ: PRTG) currently have 0.99M outstanding shares and institutions hold larger chunk of about 16.81% of that.

The stock has a current market capitalization of $6.64M and its 3Y-monthly beta is at 98.76. It has posted earnings per share of -$70.22 in the same period. It has Quick Ratio of 1.73 while making debt-to-equity ratio of 0.02. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for PRTG, volatility over the week remained 44.47% while standing at 32.22% over the month.

Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Oppenheimer on July 18, 2022 offering an Outperform rating for the stock and assigned a target price of $26 to it. Coverage by H.C. Wainwright stated Portage Biotech Inc (PRTG) stock as a Buy in their note to investors on March 07, 2022, suggesting a price target of $32 for the stock. On September 21, 2021, Oppenheimer Initiated their recommendations, while on September 02, 2021, B. Riley Securities Initiated their ratings for the stock with a price target of $40. Stock get an Overweight rating from Cantor Fitzgerald on August 19, 2021.

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