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

ProMIS Neurosciences, Inc. (NASDAQ:PMN) was the target of a significant drop in short interest during 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. Approximately 0.7% of the shares of the company are short sold. Based on an average daily trading volume, of 58,000 shares, the short-interest ratio is presently 2.7 days.

Hedge Funds Weigh In On ProMIS Neurosciences

Several hedge funds have recently bought and sold shares of the company. Sphera Funds Management LTD. grew its stake in ProMIS Neurosciences by 6.3% during the third quarter. Sphera Funds Management LTD. now owns 1,929,297 shares of the company’s stock valued at $2,412,000 after acquiring an additional 115,084 shares in the last quarter. Allostery Investments LP purchased a new position in shares of ProMIS Neurosciences in the fourth quarter worth $185,000. Ally Bridge Group NY LLC increased its stake in shares of 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 during the period. Finally, Great Point Partners LLC purchased a new stake in shares of ProMIS Neurosciences in the 3rd quarter worth about $3,488,000. Hedge funds and other institutional investors own 50.13% of the company’s stock.

ProMIS Neurosciences Price Performance

Shares of PMN traded down $0.04 during trading hours on Monday, hitting $0.73. The company’s stock had a trading volume of 16,087 shares, compared to its average volume of 46,260. The company has a market cap of $23.93 million, a price-to-earnings ratio of -7.32 and a beta of 0.58. The business has a 50 day simple moving average of $0.88 and a two-hundred day simple moving average of $1.00. ProMIS Neurosciences has a 52-week low of $0.62 and a 52-week high of $2.61.

Analyst Upgrades and Downgrades

Separately, Guggenheim restated a “buy” rating on shares of ProMIS Neurosciences in a report on Wednesday, February 26th.

ProMIS Neurosciences Company Profile

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.