Promis Neurosciences (NASDAQ:PMN) Short Interest Update

Promis Neurosciences (NASDAQ:PMN) was the recipient of a large growth in short interest during the month of March. As of March 13th, there was short interest totaling 135,444 shares, a growth of 31.5% from the February 26th total of 102,963 shares. Currently, 6.5% of the shares of the company are sold short. Based on an average daily trading volume, of 59,773 shares, the days-to-cover ratio is currently 2.3 days.

Insiders Place Their Bets

In related news, insider Johanne Kaplan acquired 1,629 shares of the company’s stock in a transaction dated Thursday, February 19th. The shares were bought at an average price of $15.35 per share, for a total transaction of $25,005.15. Following the acquisition, the insider owned 3,941 shares in the company, valued at $60,494.35. This trade represents a 70.46% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eugene Williams acquired 2,000 shares of the business’s stock in a transaction dated Wednesday, March 4th. The shares were bought at an average cost of $24.00 per share, with a total value of $48,000.00. Following the transaction, 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 disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 705,370 shares of company stock valued at $8,595,523 in the last three months. Company insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Promis Neurosciences

Several large investors have recently bought and sold shares of the company. Armistice Capital LLC increased its holdings in Promis Neurosciences by 39.1% during the 3rd quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock worth $1,264,000 after purchasing an additional 836,622 shares in the last quarter. Citadel Advisors LLC raised its position in Promis Neurosciences by 168.1% in 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 during the last quarter. Finally, Ally Bridge Group NY LLC raised its position in Promis Neurosciences by 367.1% in the 3rd quarter. Ally Bridge Group NY LLC now owns 6,233,497 shares of the company’s stock valued at $2,649,000 after buying an additional 4,899,069 shares during the last quarter. Institutional investors own 50.13% of the company’s stock.

Promis Neurosciences Trading Down 1.4%

Shares of PMN traded down $0.18 on Tuesday, reaching $12.70. 40,114 shares of the company’s stock were exchanged, compared to its average volume of 174,075. The business has a 50 day moving average price of $16.48 and a two-hundred day moving average price of $12.01. Promis Neurosciences has a 12 month low of $6.27 and a 12 month high of $39.75. The stock has a market capitalization of $27.31 million, a P/E ratio of -0.67 and a beta of -0.23.

Analyst Upgrades and Downgrades

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

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.