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Propanc Biopharma tumbled 17% in after-hours trading on Monday, with activity surging to nearly 33,000 times its usual volume, aligning with the volatile trend the stock has been witnessing since the cancer drug developer completed its move from the OTC Pink market to the Nasdaq Capital Market and announced a $4 million share sale.

Propanc tumbled nearly 20% in premarket trading Tuesday, after more than doubling on Monday in its best session in four months with a 103.8% gain to $5.85.

The company said on Aug. 14 it had secured approval to uplist, with trading on Nasdaq starting Aug. 15 under the same “PPCB” ticker. Its shares were last quoted on the OTC Pink at the close of business Aug. 14.

On Thursday, Propanc priced the one million shares at $4 each, targeting $4 million in gross proceeds before costs, and gave underwriters a 45-day option to buy another 150,000 shares. 

The deal is expected to close on Aug. 18, led by D. Boral Capital and Craft Capital Management.

 A registration statement for the offering was declared effective by the SEC on Aug. 13.

The Melbourne-based biotech said it plans to use the cash for working capital and general expenses. 

Propanc is developing a proenzyme therapy designed to block the spread and recurrence of solid tumors such as pancreatic, ovarian and colorectal cancers by attacking cancer stem cells.

On Stocktwits, retail sentiment for Propanc was ‘extremely bullish’ amid ‘extremely high’ message volume, making it one of the most trending equities on the platform. 

One user noted that Propanc was looking strong with volume picking up and the chart setting up for what could be the start of a big run. 

Another user remarked that it was lucky no funds chased the stock that day, adding that a drop under $2 might come tomorrow.

Propanc’s stock has declined 51.2% so far in 2025.

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