Portage Biotech (NASDAQ:PRTG) Trading Down 1.6%

Shares of Portage Biotech Inc. (NASDAQ:PRTG – Get Rating) dropped 1.6% during trading on Friday . The company traded as low as $4.91 and last traded at $4.92. Approximately 113,958 shares were traded during mid-day trading, an increase of 173% from the average daily volume of 41,754 shares. The stock had previously closed at $5.00.

Analysts Set New Price Targets

PRTG has been the subject of a number of recent analyst reports. HC Wainwright lowered their target price on shares of Portage Biotech from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Thursday, December 1st. Cantor Fitzgerald reduced their price target on shares of Portage Biotech from $26.00 to $18.00 in a research report on Wednesday, November 30th. Finally, Oppenheimer reduced their price target on shares of Portage Biotech from $26.00 to $18.00 and set an “outperform” rating for the company in a research report on Wednesday, November 30th.

Portage Biotech Trading Down 1.6 %

The company has a market capitalization of $83.37 million, a PE ratio of -4.92 and a beta of 1.34. The business’s 50-day simple moving average is $5.65 and its 200-day simple moving average is $7.05.

Hedge Funds Weigh In On Portage Biotech

A number of institutional investors have recently bought and sold shares of PRTG. BlackRock Inc. raised its position in Portage Biotech by 3.2% during the 1st quarter. BlackRock Inc. now owns 227,995 shares of the company’s stock worth $1,497,000 after buying an additional 6,990 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of Portage Biotech by 36.6% during the 1st quarter. Renaissance Technologies LLC now owns 37,300 shares of the company’s stock valued at $245,000 after purchasing an additional 10,000 shares in the last quarter. Beacon Investment Advisory Services Inc. purchased a new position in shares of Portage Biotech during the 2nd quarter valued at approximately $80,000. Millennium Management LLC purchased a new position in shares of Portage Biotech during the 2nd quarter valued at approximately $92,000. Finally, Citadel Advisors LLC purchased a new position in shares of Portage Biotech during the 2nd quarter valued at approximately $137,000. 0.67% of the stock is owned by hedge funds and other institutional investors.

Portage Biotech Company Profile

(Get Rating)

Portage Biotech Inc, together with its subsidiaries, researches and develops pharmaceutical and biotechnology products. The company's product includes IMM60, an iNKT cell activator; IMM65, a PLGA-nanoparticle combined with a NY-ESO-1 peptide vaccine; TT-10, an adenosine receptor type 2A (A2A) inhibitor to treat A2A expressing solid tumors; TT-4, an adenosine receptor type 2B (A2B) inhibitor to treat solid tumors; TT-53, an A2A/A2B inhibitor to treat solid tumors; TT-3, an A2B inhibitor to treat colorectal and gastrointestinal cancers; and NT230-6 that is in Phase I/II clinical trials for the treatment of tumors.