Promis Neurosciences (NASDAQ:PMN) Short Interest Down 14.8% in January

Promis Neurosciences (NASDAQ:PMN) saw a large decline in short interest during 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. Approximately 0.9% of the shares of the stock are sold short. Based on an average daily volume of 13,340 shares, the short-interest ratio is presently 1.5 days. Based on an average daily volume of 13,340 shares, the short-interest ratio is presently 1.5 days. Approximately 0.9% of the shares of the stock are sold short.

Promis Neurosciences Stock Up 17.9%

Shares of Promis Neurosciences stock opened at $14.16 on Monday. Promis Neurosciences has a 12 month low of $6.27 and a 12 month high of $39.75. The stock has a market cap of $30.44 million, a PE ratio of -0.75 and a beta of -0.08. The business has a fifty day simple moving average of $8.38 and a 200-day simple moving average of $11.37.

Promis Neurosciences (NASDAQ:PMN) last announced its quarterly earnings data on Wednesday, November 12th. The company reported ($6.00) earnings per share (EPS) for the quarter, missing the consensus estimate of ($3.75) by ($2.25). Analysts expect that Promis Neurosciences will post -0.24 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. HC Wainwright restated 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. Weiss Ratings reiterated a “sell (e+)” rating on shares of Promis Neurosciences in a research report on Thursday, January 22nd. Wall Street Zen cut Promis Neurosciences to a “strong sell” rating in a report on Saturday, November 29th. Finally, Guggenheim cut their target price on Promis Neurosciences from $150.00 to $125.00 and set a “buy” rating on the stock in a research report on Tuesday, November 18th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.67.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PMN. Citadel Advisors LLC increased its stake in 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 buying an additional 106,650 shares during the period. Armistice Capital LLC grew 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 acquiring an additional 836,622 shares in the last quarter. Finally, Ally Bridge Group NY LLC increased its stake 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 worth $2,649,000 after acquiring an additional 4,899,069 shares during the last quarter. 50.13% of the stock is owned by hedge funds and other 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.