Promis Neurosciences (NASDAQ:PMN) Short Interest Up 572.0% in February

Promis Neurosciences (NASDAQ:PMN) saw a large increase in short interest in February. As of February 13th, there was short interest totaling 127,864 shares, an increase of 572.0% from the January 29th total of 19,026 shares. Based on an average daily trading volume, of 74,393 shares, the days-to-cover ratio is currently 1.7 days. Currently, 6.2% of the shares of the stock are sold short. Currently, 6.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 74,393 shares, the days-to-cover ratio is currently 1.7 days.

Analyst Ratings Changes

PMN has been the subject of several research reports. Guggenheim dropped their price objective on shares of Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating for the company in a report on Friday, February 6th. HC Wainwright reiterated a “buy” rating and issued a $18.00 target price (up from $4.00) on shares of Promis Neurosciences in a research report on Monday, December 1st. Wall Street Zen lowered Promis Neurosciences to a “strong sell” rating in a research note on Saturday, February 14th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Promis Neurosciences in a research note on Thursday, January 22nd. 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 data from MarketBeat, Promis Neurosciences presently has a consensus rating of “Moderate Buy” and an average target price of $42.67.

Promis Neurosciences Stock Up 10.6%

NASDAQ PMN traded up $1.90 during trading hours on Wednesday, hitting $19.86. 97,292 shares of the company were exchanged, compared to its average volume of 452,424. Promis Neurosciences has a 52 week low of $6.27 and a 52 week high of $39.75. The stock has a 50-day moving average price of $11.04 and a 200 day moving average price of $10.99. The stock has a market cap of $42.70 million, a PE ratio of -1.05 and a beta of -0.08.

Insider Buying and Selling at Promis Neurosciences

In other news, insider Johanne Kaplan bought 1,629 shares of the company’s stock in a transaction that occurred on Thursday, February 19th. The stock was bought at an average price of $15.35 per share, with a total value of $25,005.15. Following the acquisition, the insider owned 3,941 shares of the company’s stock, valued at approximately $60,494.35. This represents a 70.46% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Abg Management Ltd. purchased 700,741 shares of the business’s stock in a transaction on Tuesday, February 3rd. The stock was acquired at an average price of $12.13 per share, with a total value of $8,499,988.33. Following the purchase, the insider directly owned 943,090 shares in the company, valued at $11,439,681.70. This represents a 289.15% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 3.80% of the company’s stock.

Institutional Trading of Promis Neurosciences

A number of institutional investors have recently bought and sold shares of PMN. Ally Bridge Group NY LLC boosted its stake in Promis Neurosciences by 367.1% during the third quarter. Ally Bridge Group NY LLC now owns 6,233,497 shares of the company’s stock worth $2,649,000 after buying an additional 4,899,069 shares during the period. Citadel Advisors LLC lifted its holdings 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 worth $72,000 after acquiring an additional 106,650 shares during the last quarter. Finally, Armistice Capital LLC boosted its stake 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 worth $1,264,000 after purchasing an additional 836,622 shares during the period. 50.13% of the stock is currently owned by institutional investors.

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.