Promis Neurosciences (NASDAQ:PMN) Sees Significant Growth in Short Interest

Promis Neurosciences (NASDAQ:PMN) saw a significant growth in short interest during the month of March. As of March 13th, there was short interest totaling 135,444 shares, a growth 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 stock are sold short.

Promis Neurosciences Price Performance

PMN traded down $0.39 during trading on Friday, reaching $14.74. 31,665 shares of the company’s stock were exchanged, compared to its average volume of 51,418. Promis Neurosciences has a 1 year low of $6.27 and a 1 year high of $39.75. The company’s fifty day simple moving average is $16.39 and its 200-day simple moving average is $11.98. The stock has a market capitalization of $31.72 million, a P/E ratio of -0.78 and a beta of -0.23.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Wall Street Zen downgraded Promis Neurosciences to a “strong sell” rating in a research report on Saturday, February 14th. Weiss Ratings reissued a “sell (e+)” rating on shares of Promis Neurosciences in a research report on Thursday, January 22nd. Guggenheim reduced their target price on Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Finally, HC Wainwright reiterated 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. Three 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 has an average rating of “Moderate Buy” and a consensus target price of $42.67.

Insiders Place Their Bets

In other news, Director Eugene Williams purchased 2,000 shares of the firm’s stock in a transaction on Wednesday, March 4th. The stock was acquired at an average cost of $24.00 per share, with a total value of $48,000.00. Following the completion of the transaction, the director owned 12,397 shares in the company, valued at $297,528. This represents a 19.24% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Johanne Kaplan acquired 1,629 shares of the business’s stock in a transaction dated Thursday, February 19th. The stock was purchased at an average cost of $15.35 per share, for a total transaction of $25,005.15. Following the transaction, the insider owned 3,941 shares in the company, valued at approximately $60,494.35. The trade was a 70.46% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders bought 705,370 shares of company stock worth $8,595,523. 3.80% of the stock is owned by corporate insiders.

Institutional Trading of Promis Neurosciences

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Citadel Advisors LLC boosted its position 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 purchasing an additional 106,650 shares in the last quarter. Armistice Capital LLC increased its holdings in shares of 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 in the last quarter. Finally, Ally Bridge Group NY LLC increased 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 purchasing an additional 4,899,069 shares in the last quarter. 50.13% of the stock is owned by institutional investors and hedge funds.

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.