Short Interest in ProMIS Neurosciences, Inc. (NASDAQ:PMN) Declines By 22.3%

ProMIS Neurosciences, Inc. (NASDAQ:PMN) was the recipient of a significant drop in short interest in February. As of February 15th, there was short interest totalling 194,800 shares, a drop of 22.3% from the January 31st total of 250,600 shares. Approximately 0.9% of the shares of the stock are sold short. Based on an average daily volume of 58,800 shares, the days-to-cover ratio is currently 3.3 days.

Hedge Funds Weigh In On ProMIS Neurosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PMN. Great Point Partners LLC bought a new position in ProMIS Neurosciences during the third quarter valued at approximately $3,488,000. Ally Bridge Group NY LLC lifted its stake 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 valued at $1,991,000 after purchasing an additional 533,023 shares during the last quarter. Sphera Funds Management LTD. lifted its stake in shares of ProMIS Neurosciences by 6.3% in the 3rd quarter. Sphera Funds Management LTD. now owns 1,929,297 shares of the company’s stock valued at $2,412,000 after purchasing an additional 115,084 shares during the last quarter. Finally, Allostery Investments LP bought a new stake in shares of ProMIS Neurosciences in the 4th quarter valued at approximately $185,000. 50.13% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

ProMIS Neurosciences Trading Down 1.4 %

Shares of ProMIS Neurosciences stock opened at $0.70 on Tuesday. The stock has a 50 day moving average of $0.91 and a 200 day moving average of $1.03. ProMIS Neurosciences has a 12 month low of $0.62 and a 12 month high of $2.61. The firm has a market cap of $22.88 million, a PE ratio of -7.00 and a beta of 0.56.

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.