Psychemedics Corp. (NASDAQ:PMD) saw a large decline in short interest in the month of June. As of June 15th, there was short interest totalling 10,200 shares, a decline of 15.0% from the May 15th total of 12,000 shares. Approximately 0.2% of the company’s shares are short sold. Based on an average daily trading volume, of 28,300 shares, the days-to-cover ratio is presently 0.4 days.
Separately, TheStreet cut SYNNEX from a “b” rating to a “c+” rating in a research note on Tuesday, April 2nd.
NASDAQ PMD opened at $9.54 on Friday. The company has a market cap of $52.54 million, a PE ratio of 13.44 and a beta of 0.71. The company has a 50 day moving average price of $10.08. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.08 and a quick ratio of 3.08. Psychemedics has a 52 week low of $9.25 and a 52 week high of $22.31.
In related news, VP Michael I. Schaffer sold 9,331 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $9.74, for a total value of $90,883.94. Following the completion of the transaction, the vice president now directly owns 25,700 shares in the company, valued at approximately $250,318. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael I. Schaffer sold 2,800 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $9.84, for a total value of $27,552.00. Following the completion of the transaction, the vice president now owns 25,700 shares of the company’s stock, valued at $252,888. The disclosure for this sale can be found here. 11.20% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of PMD. O Shaughnessy Asset Management LLC raised its position in Psychemedics by 400.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 5,693 shares of the company’s stock valued at $90,000 after purchasing an additional 4,556 shares during the last quarter. Alambic Investment Management L.P. bought a new position in Psychemedics in the first quarter valued at about $163,000. Connors Investor Services Inc. raised its position in Psychemedics by 19.6% in the first quarter. Connors Investor Services Inc. now owns 15,426 shares of the company’s stock valued at $216,000 after purchasing an additional 2,524 shares during the last quarter. Punch & Associates Investment Management Inc. raised its position in Psychemedics by 11.8% in the first quarter. Punch & Associates Investment Management Inc. now owns 17,000 shares of the company’s stock valued at $239,000 after purchasing an additional 1,800 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan bought a new position in Psychemedics in the fourth quarter valued at about $935,000. Institutional investors and hedge funds own 57.70% of the company’s stock.
Psychemedics Corporation provides testing services for the detection of drugs of abuse through the analysis of hair samples in the United States and internationally. The company's tests provide quantitative information that can indicate the approximate amount of drug ingested, as well as historical data, which can show a pattern of individual drug use over a longer period of time.
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