ProMIS Neurosciences, Inc. (NASDAQ:PMN) Sees Large Decline in Short Interest

ProMIS Neurosciences, Inc. (NASDAQ:PMN) saw a significant decrease in short interest during the month of February. As of February 28th, there was short interest totalling 154,100 shares, a decrease of 20.9% from the February 13th total of 194,800 shares. Approximately 0.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 58,000 shares, the short-interest ratio is currently 2.7 days.

Analysts Set New Price Targets

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

ProMIS Neurosciences Stock Down 5.5 %

PMN traded down $0.04 on Wednesday, hitting $0.69. The company had a trading volume of 22,806 shares, compared to its average volume of 70,271. The business’s fifty day simple moving average is $0.87 and its 200 day simple moving average is $0.99. ProMIS Neurosciences has a 12-month low of $0.62 and a 12-month high of $2.61. The company has a market cap of $22.56 million, a PE ratio of -6.90 and a beta of 0.58.

Institutional Trading of ProMIS Neurosciences

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Allostery Investments LP bought a new position in shares of ProMIS Neurosciences during the fourth quarter valued at approximately $185,000. Ally Bridge Group NY LLC raised its position in shares of ProMIS Neurosciences by 50.3% in the 3rd quarter. Ally Bridge Group NY LLC now owns 1,592,605 shares of the company’s stock worth $1,991,000 after acquiring an additional 533,023 shares in the last quarter. Sphera Funds Management LTD. raised its holdings 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 purchasing an additional 115,084 shares in the last quarter. Finally, Great Point Partners LLC acquired a new stake in ProMIS Neurosciences in the third quarter valued at approximately $3,488,000. Hedge funds and other institutional investors own 50.13% of the company’s stock.

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.