Short Interest in ProMIS Neurosciences, Inc. (NASDAQ:PMN) Rises By 30.1%

ProMIS Neurosciences, Inc. (NASDAQ:PMN) was the target of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 200,500 shares, an increase of 30.1% from the February 28th total of 154,100 shares. Currently, 0.9% of the shares of the stock are sold short. Based on an average daily volume of 44,800 shares, the days-to-cover ratio is currently 4.5 days.

ProMIS Neurosciences Stock Up 5.2 %

NASDAQ PMN traded up $0.04 during mid-day trading on Tuesday, hitting $0.73. The stock had a trading volume of 73,038 shares, compared to its average volume of 70,651. The company has a 50 day simple moving average of $0.82 and a 200 day simple moving average of $0.96. The company has a market cap of $23.93 million, a price-to-earnings ratio of -7.32 and a beta of 0.58. ProMIS Neurosciences has a 52-week low of $0.62 and a 52-week high of $2.61.

ProMIS Neurosciences (NASDAQ:PMN) last announced its quarterly earnings results on Monday, March 31st. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.12. As a group, equities analysts anticipate that ProMIS Neurosciences will post -0.24 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Guggenheim reiterated a “buy” rating and issued a $6.00 price objective on shares of ProMIS Neurosciences in a research note on Tuesday.

Hedge Funds Weigh In On ProMIS Neurosciences

A hedge fund recently raised its stake in ProMIS Neurosciences stock. Sphera Funds Management LTD. lifted its holdings in shares of ProMIS Neurosciences, Inc. (NASDAQ:PMN) by 6.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,929,297 shares of the company’s stock after purchasing an additional 115,084 shares during the period. Sphera Funds Management LTD. owned about 6.45% of ProMIS Neurosciences worth $2,412,000 as of its most recent SEC filing. Institutional investors and hedge funds own 50.13% of the company’s stock.

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.