Short Interest in Promis Neurosciences (NASDAQ:PMN) Declines By 19.5%

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

Analyst Ratings Changes

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

Promis Neurosciences Stock Up 11.1%

PMN traded up $2.01 on Monday, hitting $20.16. The company’s stock had a trading volume of 88,904 shares, compared to its average volume of 205,786. Promis Neurosciences has a 12 month low of $6.27 and a 12 month high of $39.75. The firm has a market cap of $43.34 million, a P/E ratio of -1.06 and a beta of -0.23. The company’s 50 day simple moving average is $14.54 and its 200-day simple moving average is $11.60.

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 shares were purchased at an average cost of $24.00 per share, for a total transaction of $48,000.00. Following the completion of the purchase, the director directly owned 12,397 shares in the company, valued at $297,528. The trade was a 19.24% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Johanne Kaplan purchased 1,629 shares of the firm’s stock in a transaction dated Thursday, February 19th. The shares were bought at an average price of $15.35 per share, with a total value of $25,005.15. Following the purchase, the insider owned 3,941 shares in the company, valued at $60,494.35. The trade was a 70.46% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have purchased 705,370 shares of company stock valued at $8,595,523. 3.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Promis Neurosciences

Large investors have recently made changes to their positions in the stock. Ally Bridge Group NY LLC grew its position in shares of 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 valued at $2,649,000 after purchasing an additional 4,899,069 shares in the last quarter. Armistice Capital LLC lifted 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. Finally, Citadel Advisors LLC boosted its stake in Promis Neurosciences by 168.1% in the 3rd quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock worth $72,000 after purchasing an additional 106,650 shares during the period. 50.13% of the stock is owned by institutional investors.

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.