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

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

Promis Neurosciences Price Performance

PMN stock traded down $1.80 during midday trading on Friday, reaching $18.15. 59,774 shares of the company were exchanged, compared to its average volume of 54,013. Promis Neurosciences has a one year low of $6.27 and a one year high of $39.75. The firm has a market capitalization of $39.02 million, a price-to-earnings ratio of -0.96 and a beta of -0.23. The business has a 50-day moving average price of $14.54 and a two-hundred day moving average price of $11.61.

Insider Buying and Selling

In related news, major shareholder Abg Management Ltd. acquired 700,741 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The stock was bought at an average price of $12.13 per share, for a total transaction of $8,499,988.33. Following the acquisition, the insider directly owned 943,090 shares of the company’s stock, valued at approximately $11,439,681.70. The trade was a 289.15% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eugene Williams bought 2,000 shares of the stock in a transaction that occurred 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 transaction, the director owned 12,397 shares of the company’s stock, valued at $297,528. The trade was a 19.24% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders bought 705,370 shares of company stock worth $8,595,523. 3.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Promis Neurosciences

Several hedge funds have recently bought and sold shares of the stock. Citadel Advisors LLC grew its position in shares of Promis Neurosciences by 168.1% in the third 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 last quarter. Armistice Capital LLC raised its stake in 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 in the last quarter. Finally, Ally Bridge Group NY LLC boosted its holdings 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 purchasing an additional 4,899,069 shares during the period. 50.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PMN has been the subject of a number of analyst reports. HC Wainwright restated a “buy” rating and issued a $18.00 price target (up from $4.00) on shares of Promis Neurosciences in a research note on Monday, December 1st. Weiss Ratings reissued a “sell (e+)” rating on shares of Promis Neurosciences in a report on Thursday, January 22nd. Wall Street Zen cut shares of Promis Neurosciences to a “strong sell” rating in a research note on Saturday, February 14th. Finally, Guggenheim dropped their target price on shares of Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, February 6th. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $42.67.

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.