Short Interest in ProMIS Neurosciences, Inc. (NASDAQ:PMN) Decreases By 20.9%

ProMIS Neurosciences, Inc. (NASDAQ:PMN) was the target of a large drop in short interest in the month of February. As of February 28th, there was short interest totalling 154,100 shares, a drop of 20.9% from the February 13th total of 194,800 shares. Currently, 0.7% of the shares of the stock are sold short. Based on an average daily volume of 58,000 shares, the days-to-cover ratio is presently 2.7 days.

ProMIS Neurosciences Trading Down 2.2 %

Shares of NASDAQ:PMN traded down $0.02 on Tuesday, reaching $0.72. 21,719 shares of the company traded hands, compared to its average volume of 70,462. The stock has a market capitalization of $23.37 million, a P/E ratio of -7.15 and a beta of 0.58. ProMIS Neurosciences has a 52 week low of $0.62 and a 52 week high of $2.61. The business’s 50-day simple moving average is $0.87 and its 200 day simple moving average is $0.99.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PMN. Allostery Investments LP bought a new stake in ProMIS Neurosciences in the fourth quarter valued at $185,000. Ally Bridge Group NY LLC raised its stake in ProMIS Neurosciences by 50.3% in the third quarter. Ally Bridge Group NY LLC now owns 1,592,605 shares of the company’s stock worth $1,991,000 after buying an additional 533,023 shares in the last quarter. Sphera Funds Management LTD. raised its stake in ProMIS Neurosciences by 6.3% in the third quarter. Sphera Funds Management LTD. now owns 1,929,297 shares of the company’s stock worth $2,412,000 after buying an additional 115,084 shares in the last quarter. Finally, Great Point Partners LLC purchased a new stake in ProMIS Neurosciences in the third quarter worth about $3,488,000. Institutional investors own 50.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Guggenheim reaffirmed a “buy” rating on shares of ProMIS Neurosciences in a research note on Wednesday, February 26th.

About ProMIS Neurosciences

ProMIS Neurosciences, Inc discovers and develops antibody therapies and therapeutic vaccines neurodegenerative diseases and other misfolded protein diseases in Canada. The company’s proprietary discovery platform comprises ProMIS and Collective Coordinates algorithms to predict novel targets known as disease specific epitopes on the molecular surface of misfolded proteins.