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

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

Institutional Trading of Promis Neurosciences

Institutional investors and hedge funds have recently made changes to their positions in the stock. Ally Bridge Group NY LLC boosted its stake 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 worth $2,649,000 after acquiring an additional 4,899,069 shares in the last quarter. Citadel Advisors LLC raised its stake in shares of Promis Neurosciences by 168.1% in the 3rd quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock valued at $72,000 after acquiring an additional 106,650 shares in the last quarter. Finally, Armistice Capital LLC lifted its holdings in Promis Neurosciences by 39.1% in the 3rd quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock worth $1,264,000 after purchasing an additional 836,622 shares during the last quarter. Institutional investors and hedge funds own 50.13% of the company’s stock.

Promis Neurosciences Price Performance

PMN traded up $0.08 during midday trading on Friday, hitting $8.23. 9,256 shares of the company’s stock traded hands, compared to its average volume of 15,137. The company has a market cap of $17.69 million, a PE ratio of -0.43 and a beta of -0.10. The stock’s fifty day simple moving average is $8.32 and its 200-day simple moving average is $11.43. Promis Neurosciences has a one year low of $6.27 and a one year high of $39.75.

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

Analysts Set New Price Targets

PMN has been the subject of a number of recent research reports. Wall Street Zen cut shares of Promis Neurosciences to a “strong sell” rating in a research note on Saturday, November 29th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Promis Neurosciences in a research report on Wednesday, October 8th. Guggenheim dropped their price objective on shares of Promis Neurosciences from $150.00 to $125.00 and set a “buy” rating for the company in a research report on Tuesday, November 18th. Finally, HC Wainwright reissued a “buy” rating and set a $18.00 price target (up from $4.00) on shares of Promis Neurosciences in a research report on Monday, December 1st. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $72.67.

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.