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

Promis Neurosciences (NASDAQ:PMN) saw a significant decline in short interest in the month of January. As of January 15th, there was short interest totaling 19,430 shares, a decline of 14.8% from the December 31st total of 22,817 shares. Based on an average daily trading volume, of 13,340 shares, the days-to-cover ratio is currently 1.5 days. Currently, 0.9% of the company’s shares are short sold. Currently, 0.9% of the company’s shares are short sold. Based on an average daily trading volume, of 13,340 shares, the days-to-cover ratio is currently 1.5 days.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Promis Neurosciences in a research report on Thursday, January 22nd. Wall Street Zen cut shares of Promis Neurosciences to a “strong sell” rating in a research report on Saturday, November 29th. Guggenheim decreased their target price on shares of Promis Neurosciences from $150.00 to $125.00 and set a “buy” rating for the company in a research note on Tuesday, November 18th. Finally, HC Wainwright reiterated a “buy” rating and set a $18.00 target price (up from $4.00) on shares of Promis Neurosciences in a report on Monday, December 1st. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.67.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Citadel Advisors LLC increased its position in shares of Promis Neurosciences by 168.1% during the 3rd 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 last quarter. Armistice Capital LLC grew its position 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 acquiring an additional 836,622 shares during the period. Finally, Ally Bridge Group NY LLC increased its stake 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 purchasing an additional 4,899,069 shares in the last quarter. 50.13% of the stock is owned by hedge funds and other institutional investors.

Promis Neurosciences Price Performance

NASDAQ PMN traded down $0.07 during trading hours on Wednesday, hitting $15.83. The company’s stock had a trading volume of 27,858 shares, compared to its average volume of 381,393. The company has a market cap of $34.03 million, a P/E ratio of -0.83 and a beta of -0.08. The company’s 50 day simple moving average is $8.66 and its two-hundred day simple moving average is $11.42. Promis Neurosciences has a 12 month low of $6.27 and a 12 month high of $39.75.

Promis Neurosciences (NASDAQ:PMN) last released its quarterly earnings data 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, research analysts predict that Promis Neurosciences will post -0.24 earnings per share for the current fiscal year.

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.