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

Promis Neurosciences (NASDAQ:PMN) saw a significant decline in short interest in 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. Based on an average daily trading volume, of 49,605 shares, the short-interest ratio is currently 2.1 days. Currently, 5.0% of the shares of the stock are short sold. Currently, 5.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 49,605 shares, the short-interest ratio is currently 2.1 days.

Insider Activity at Promis Neurosciences

In related news, major shareholder Abg Management Ltd. bought 700,741 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The stock was purchased at an average cost 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. The trade was a 289.15% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Johanne Kaplan bought 1,629 shares of Promis Neurosciences stock in a transaction dated Thursday, February 19th. The shares were bought 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 SEC filing for this purchase provides additional information. Over the last ninety days, insiders purchased 705,370 shares of company stock worth $8,595,523. Company insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Promis Neurosciences

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Ally Bridge Group NY LLC raised its holdings 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 acquiring an additional 4,899,069 shares during the last quarter. Armistice Capital LLC boosted 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 valued at $1,264,000 after purchasing an additional 836,622 shares during the last quarter. Finally, Citadel Advisors LLC increased its holdings in Promis Neurosciences by 168.1% during 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 in the last quarter. 50.13% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Promis Neurosciences Stock Down 9.0%

NASDAQ:PMN traded down $1.80 on Friday, hitting $18.15. The stock had a trading volume of 59,774 shares, compared to its average volume of 54,013. Promis Neurosciences has a 52 week low of $6.27 and a 52 week high of $39.75. The business’s fifty day moving average is $14.54 and its 200 day moving average is $11.61. The company has a market cap of $39.02 million, a PE ratio of -0.96 and a beta of -0.23.

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.