Promis Neurosciences (NASDAQ:PMN) Sees Large Increase in Short Interest

Promis Neurosciences (NASDAQ:PMN) saw a large growth in short interest in the month of February. As of February 13th, there was short interest totaling 127,864 shares, a growth of 572.0% from the January 29th total of 19,026 shares. Based on an average daily volume of 74,393 shares, the days-to-cover ratio is currently 1.7 days. Approximately 6.2% of the company’s shares are sold short. Approximately 6.2% of the company’s shares are sold short. Based on an average daily volume of 74,393 shares, the days-to-cover ratio is currently 1.7 days.

Promis Neurosciences Price Performance

Shares of PMN stock traded up $1.90 during mid-day trading on Wednesday, hitting $19.86. The stock had a trading volume of 97,292 shares, compared to its average volume of 452,424. Promis Neurosciences has a 12-month low of $6.27 and a 12-month high of $39.75. The firm has a market capitalization of $42.70 million, a P/E ratio of -1.05 and a beta of -0.08. The firm’s 50-day moving average is $11.04 and its two-hundred day moving average is $10.99.

Wall Street Analyst Weigh In

Several brokerages have commented on PMN. Guggenheim cut their price objective on Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Wall Street Zen lowered shares of Promis Neurosciences to a “strong sell” rating in a research note on Saturday, February 14th. HC Wainwright restated a “buy” rating and issued a $18.00 price target (up from $4.00) on shares of Promis Neurosciences in a report on Monday, December 1st. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Promis Neurosciences in a research note on Thursday, January 22nd. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.67.

Insider Activity

In other Promis Neurosciences news, insider Johanne Kaplan purchased 1,629 shares of Promis Neurosciences stock in a transaction dated Thursday, February 19th. The shares were purchased at an average cost of $15.35 per share, for a total transaction 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 position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Abg Management Ltd. purchased 700,741 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were 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 directly owned 943,090 shares in the company, valued at $11,439,681.70. The trade was a 289.15% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 3.80% of the stock is owned by company insiders.

Institutional Trading of Promis Neurosciences

A number of hedge funds have recently added to or reduced their stakes in the business. 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 purchasing an additional 106,650 shares during the period. Armistice Capital LLC lifted its position in shares of Promis Neurosciences by 39.1% in 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 during the period. Finally, Ally Bridge Group NY LLC lifted its position in shares of 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 worth $2,649,000 after purchasing an additional 4,899,069 shares during the period. 50.13% of the stock is owned by hedge funds and other institutional investors.

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.