Promis Neurosciences (NASDAQ:PMN) Short Interest Update

Promis Neurosciences (NASDAQ:PMN) was the recipient of a significant drop in short interest in the month of February. As of February 27th, there was short interest totaling 102,963 shares, a drop of 19.5% from the February 12th total of 127,864 shares. Currently, 5.0% of the company’s stock are short sold. Based on an average daily trading volume, of 49,605 shares, the short-interest ratio is currently 2.1 days. Based on an average daily trading volume, of 49,605 shares, the short-interest ratio is currently 2.1 days. Currently, 5.0% of the company’s stock are short sold.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PMN. Wall Street Zen downgraded shares of Promis Neurosciences to a “strong sell” rating in a research note on Saturday, February 14th. Guggenheim lowered their target price on Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating for the company in a report on Friday, February 6th. HC Wainwright reaffirmed a “buy” rating and set a $18.00 target price (up from $4.00) on shares of Promis Neurosciences in a research report on Monday, December 1st. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Promis Neurosciences in a report on Thursday, January 22nd. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Promis Neurosciences has an average rating of “Moderate Buy” and an average price target of $42.67.

Insider Activity

In other news, Director Eugene Williams acquired 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The stock was purchased at an average cost of $24.00 per share, for a total transaction of $48,000.00. Following the completion of the acquisition, the director directly owned 12,397 shares of the company’s stock, valued at $297,528. The trade was a 19.24% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Abg Management Ltd. acquired 700,741 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The stock was acquired at an average cost of $12.13 per share, with a total value of $8,499,988.33. Following the completion of the purchase, the insider owned 943,090 shares of the company’s stock, valued at $11,439,681.70. This trade represents a 289.15% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have bought 705,370 shares of company stock worth $8,595,523. Company insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PMN. Citadel Advisors LLC increased its position in Promis Neurosciences by 168.1% during the 3rd quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock valued at $72,000 after buying an additional 106,650 shares in the last quarter. Armistice Capital LLC boosted its holdings in Promis Neurosciences by 39.1% in the third quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock worth $1,264,000 after acquiring an additional 836,622 shares in the last quarter. Finally, Ally Bridge Group NY LLC boosted its holdings in Promis Neurosciences by 367.1% in the third quarter. Ally Bridge Group NY LLC now owns 6,233,497 shares of the company’s stock worth $2,649,000 after acquiring an additional 4,899,069 shares in the last quarter. 50.13% of the stock is currently owned by hedge funds and other institutional investors.

Promis Neurosciences Price Performance

NASDAQ PMN traded down $1.25 on Tuesday, hitting $18.91. The stock had a trading volume of 9,328 shares, compared to its average volume of 201,915. The business’s fifty day moving average price is $14.79 and its 200 day moving average price is $11.65. The stock has a market cap of $40.69 million, a price-to-earnings ratio of -1.00 and a beta of -0.23. Promis Neurosciences has a 52-week low of $6.27 and a 52-week high of $39.75.

Promis Neurosciences Company Profile

Promis Neurosciences, Inc is a clinical‐stage biopharmaceutical company focused on the discovery and development of novel therapeutics for central nervous system disorders. The company’s research programs target cognitive impairment and other neurological symptoms associated with diseases such as Alzheimer’s disease and multiple sclerosis.

Leveraging a proprietary small‐molecule discovery platform, Promis Neurosciences advances both preclinical and early clinical candidates designed to modulate neural pathways involved in memory, learning and neuroinflammation.