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

Promis Neurosciences (NASDAQ:PMN) was the target of a significant decline in short interest in the month of December. As of December 31st, there was short interest totaling 22,817 shares, a decline of 34.9% from the December 15th total of 35,040 shares. Currently, 1.1% of the shares of the company are short sold. Based on an average daily volume of 22,760 shares, the short-interest ratio is currently 1.0 days. Based on an average daily volume of 22,760 shares, the short-interest ratio is currently 1.0 days. Currently, 1.1% of the shares of the company are short sold.

Institutional Trading of Promis Neurosciences

A number of hedge funds have recently made changes to their positions in PMN. Ally Bridge Group NY LLC raised its position in shares of Promis Neurosciences by 367.1% in the third 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 in the last quarter. Armistice Capital LLC boosted its stake in Promis Neurosciences by 39.1% in the third quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock valued at $1,264,000 after buying an additional 836,622 shares in the last quarter. Finally, Citadel Advisors LLC increased its holdings in 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 period. 50.13% of the stock is owned by institutional investors and hedge funds.

Promis Neurosciences Stock Up 1.0%

NASDAQ PMN traded up $0.08 on Friday, reaching $8.23. The company had a trading volume of 9,256 shares, compared to its average volume of 15,137. The stock’s 50 day moving average is $8.32 and its 200-day moving average is $11.43. Promis Neurosciences has a 52 week low of $6.27 and a 52 week high of $39.75. The stock has a market cap of $17.69 million, a price-to-earnings ratio of -0.43 and a beta of -0.10.

Promis Neurosciences (NASDAQ:PMN) last posted its earnings results on Wednesday, November 12th. The company reported ($6.00) earnings per share for the quarter, missing the consensus estimate of ($3.75) by ($2.25). As a group, analysts forecast that Promis Neurosciences will post -0.24 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 price target (up from $4.00) on shares of Promis Neurosciences in a research report on Monday, December 1st. Wall Street Zen downgraded Promis Neurosciences to a “strong sell” rating in a research report on Saturday, November 29th. Guggenheim lowered their price target on Promis Neurosciences from $150.00 to $125.00 and set a “buy” rating on the stock in a research note on Tuesday, November 18th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Promis Neurosciences in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Promis Neurosciences presently has an average rating of “Moderate Buy” and an average target price of $72.67.

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.