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

ProMIS Neurosciences, Inc. (NASDAQ:PMN) saw a large drop in short interest in the month of 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. Based on an average daily volume of 58,800 shares, the days-to-cover ratio is currently 3.3 days. Currently, 0.9% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

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

ProMIS Neurosciences Stock Down 1.4 %

PMN opened at $0.70 on Tuesday. ProMIS Neurosciences has a 52 week low of $0.62 and a 52 week high of $2.61. The stock’s fifty day moving average is $0.91 and its two-hundred day moving average is $1.03. The company has a market capitalization of $22.88 million, a P/E ratio of -7.00 and a beta of 0.56.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PMN. Allostery Investments LP purchased a new position in shares of ProMIS Neurosciences in the 4th quarter valued at $185,000. Ally Bridge Group NY LLC increased its holdings 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 acquiring an additional 533,023 shares during the period. Sphera Funds Management LTD. increased its holdings 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 acquiring an additional 115,084 shares during the period. Finally, Great Point Partners LLC purchased a new position in shares of ProMIS Neurosciences in the 3rd quarter valued at $3,488,000. 50.13% of the stock is currently owned by hedge funds and other institutional investors.

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.