Promis Neurosciences (NASDAQ:PMN) Short Interest Update

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

Analysts Set New Price Targets

PMN has been the subject of several analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Promis Neurosciences in a report on Thursday, January 22nd. Wall Street Zen lowered Promis Neurosciences to a “strong sell” rating in a research note on Saturday, February 14th. Finally, Guggenheim dropped their price objective on shares of Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, February 6th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $42.67.

Insider Buying and Selling

In related news, major shareholder Abg Management Ltd. acquired 700,741 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was purchased at an average price of $12.13 per share, for a total transaction of $8,499,988.33. Following the transaction, the insider owned 943,090 shares in the company, valued at $11,439,681.70. This trade represents a 289.15% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Eugene Williams bought 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was purchased at an average cost of $24.00 per share, with a total value of $48,000.00. Following 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 position. The SEC filing for this purchase provides additional information. Insiders acquired 709,370 shares of company stock worth $8,640,843 in the last ninety days. 1.50% of the stock is currently owned by insiders.

Institutional Trading of Promis Neurosciences

Several large investors have recently added to or reduced their stakes in the stock. Ally Bridge Group NY LLC raised its holdings in shares of 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 buying an additional 4,899,069 shares during the period. Armistice Capital LLC increased its stake 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 buying an additional 836,622 shares during the period. Finally, Citadel Advisors LLC lifted its holdings 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 buying an additional 106,650 shares in the last quarter. 50.13% of the stock is currently owned by institutional investors and hedge funds.

Promis Neurosciences Price Performance

PMN stock traded down $0.03 during trading on Friday, reaching $11.01. 33,531 shares of the stock traded hands, compared to its average volume of 139,269. The business’s 50 day moving average price is $15.84 and its 200-day moving average price is $12.03. The firm has a market capitalization of $98.74 million, a PE 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.

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.