Promis Neurosciences (NASDAQ:PMN) Sees Significant Decrease in Short Interest

Promis Neurosciences (NASDAQ:PMN) saw a large decrease in short interest in April. As of April 15th, there was short interest totaling 138,078 shares, a decrease of 19.9% from the March 31st total of 172,334 shares. Currently, 6.7% of the company’s shares are sold short. Based on an average daily trading volume, of 43,159 shares, the days-to-cover ratio is currently 3.2 days.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PMN shares. Guggenheim lowered their price target on Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating for the company in a report on Friday, February 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Promis Neurosciences in a report on Thursday, January 22nd. Finally, Wall Street Zen cut Promis Neurosciences to a “strong sell” rating in a report on Saturday, February 14th. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $42.67.

Insider Buying and Selling

In related news, Director Eugene Williams bought 2,000 shares of the company’s stock in a transaction on Wednesday, March 4th. The stock was bought at an average cost of $24.00 per share, for a total transaction of $48,000.00. Following the acquisition, the director directly owned 12,397 shares in the company, valued at $297,528. This represents a 19.24% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Johanne Kaplan bought 1,629 shares of the company’s stock in a transaction on Thursday, February 19th. The stock was bought at an average price of $15.35 per share, with a total value of $25,005.15. Following the completion of the acquisition, the insider owned 3,941 shares in the company, valued at $60,494.35. This represents a 70.46% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 709,370 shares of company stock valued at $8,640,843 in the last quarter. Corporate insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Promis Neurosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Armistice Capital LLC boosted 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 valued at $1,264,000 after acquiring an additional 836,622 shares during the period. Citadel Advisors LLC boosted its holdings 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 acquiring an additional 106,650 shares during the period. Finally, Ally Bridge Group NY LLC boosted its holdings in Promis Neurosciences by 367.1% during 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 acquiring an additional 4,899,069 shares during the period. 50.13% of the stock is currently owned by hedge funds and other institutional investors.

Promis Neurosciences Stock Performance

Shares of NASDAQ PMN traded down $0.11 during mid-day trading on Thursday, reaching $11.04. 29,300 shares of the company’s stock were exchanged, compared to its average volume of 140,559. The firm has a market capitalization of $23.74 million, a price-to-earnings ratio of -0.58 and a beta of -0.17. Promis Neurosciences has a 52-week low of $6.27 and a 52-week high of $39.75. The company’s 50-day moving average is $15.95 and its 200-day moving average is $12.04.

About Promis Neurosciences

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.