Moors Cabot buys $9,346,597 stake in Psychemedics Corp. (PMD)

Psychemedics Corp. (PMD) : Moors Cabot scooped up 90,359 additional shares in Psychemedics Corp. during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 8, 2016. The investment management firm now holds a total of 479,067 shares of Psychemedics Corp. which is valued at $9,346,597.Psychemedics Corp. makes up approximately 1.60% of Moors Cabot’s portfolio.

Other Hedge Funds, Including , Deprince Race Zollo Inc reduced its stake in PMD by selling 41,526 shares or 53.22% in the most recent quarter. The Hedge Fund company now holds 36,497 shares of PMD which is valued at $666,070. Psychemedics Corp. makes up approx 0.01% of Deprince Race Zollo Inc’s portfolio.Punch Associates Investment Management reduced its stake in PMD by selling 52,548 shares or 35.53% in the most recent quarter. The Hedge Fund company now holds 95,360 shares of PMD which is valued at $1,352,205. Psychemedics Corp. makes up approx 0.15% of Punch Associates Investment Management’s portfolio.

Psychemedics Corp. opened for trading at $19.67 and hit $21.96 on the upside on Monday, eventually ending the session at $21.52, with a gain of 9.46% or 1.86 points. The heightened volatility saw the trading volume jump to 84,753 shares. Company has a market cap of $117 M.

Psychemedics Corporation (Psychemedics) provides testing services for the detection of drugs of abuse through the analysis of hair samples. The Company’s testing methods utilize a technology that digests the hair and releases drugs trapped in the hair without destroying the drugs. The Company’s primary application of its technology is as a testing service that analyzes hair samples for the presence of certain drugs of abuse. The Company performs a custom-designed enzyme immunoassay (EIA) on the liquid supernatant with confirmation testing by mass spectrometry. Psychemedics provides screening and confirmation by mass spectrometry using various practices for cocaine marijuana phencyclidine (PCP) amphetamines including ecstasy and opiates including heroin hydrocodone hydromorphone oxycodone and codeine. The Company also offers a test for alcohol using hair which measures average alcohol consumption over a period of approximately three months.

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