Promis Neurosciences (NASDAQ:PMN) Short Interest Update

Promis Neurosciences (NASDAQ:PMN) was the target of a significant increase in short interest in the month of March. As of March 13th, there was short interest totaling 135,444 shares, an increase of 31.5% from the February 26th total of 102,963 shares. Based on an average daily volume of 59,773 shares, the short-interest ratio is presently 2.3 days. Currently, 6.5% of the company’s shares are sold short.

Promis Neurosciences Trading Down 2.6%

Shares of NASDAQ PMN traded down $0.39 during trading hours on Friday, reaching $14.74. The stock had a trading volume of 31,665 shares, compared to its average volume of 51,418. Promis Neurosciences has a 52-week low of $6.27 and a 52-week high of $39.75. The firm has a market cap of $31.72 million, a price-to-earnings ratio of -0.78 and a beta of -0.23. The business’s fifty day moving average price is $16.39 and its two-hundred day moving average price is $11.98.

Insider Buying and Selling at Promis Neurosciences

In related news, Director Eugene Williams bought 2,000 shares of the business’s stock in a transaction dated Wednesday, March 4th. The shares were purchased at an average price of $24.00 per share, with a total value of $48,000.00. Following the transaction, the director owned 12,397 shares in the company, valued at $297,528. This trade represents a 19.24% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Johanne Kaplan purchased 1,629 shares of the firm’s stock in a transaction that occurred on 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 directly owned 3,941 shares in the company, valued at $60,494.35. This trade represents a 70.46% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 705,370 shares of company stock worth $8,595,523 over the last ninety days. Company insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Promis Neurosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in PMN. Citadel Advisors LLC boosted its stake in shares of Promis Neurosciences by 168.1% during 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 in the last quarter. Armistice Capital LLC lifted its holdings in Promis Neurosciences by 39.1% during the third quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock worth $1,264,000 after buying an additional 836,622 shares during the period. Finally, Ally Bridge Group NY LLC boosted its position 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 in the last quarter. Institutional investors own 50.13% of the company’s stock.

Analysts Set New Price Targets

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