Portage Biotech (NASDAQ:PRTG) Stock Price Down 1.6%

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

Wall Street Analysts Forecast Growth

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

Portage Biotech Stock Down 1.6 %

The firm has a market cap of $83.37 million, a PE ratio of -4.92 and a beta of 1.34. The company’s 50 day moving average price is $5.65 and its two-hundred day moving average price is $7.05.

Institutional Investors Weigh In On Portage Biotech

Hedge funds and other institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. purchased a new stake in shares of Portage Biotech in the second quarter valued at $79,000. Beacon Investment Advisory Services Inc. purchased a new position in Portage Biotech in the 2nd quarter worth about $80,000. Millennium Management LLC purchased a new position in Portage Biotech in the 2nd quarter worth about $92,000. Dimensional Fund Advisors LP purchased a new position in Portage Biotech in the 3rd quarter worth about $107,000. Finally, Citadel Advisors LLC purchased a new position in Portage Biotech in the 2nd quarter worth about $137,000. Hedge funds and other institutional investors own 0.67% of the company’s stock.

About Portage Biotech

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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.