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

by · The Markets Daily

ProMIS Neurosciences, Inc. (NASDAQ:PMN – Get Free Report) was the recipient of a significant increase in short interest during 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. Approximately 0.9% of the shares of the stock are short sold. Based on an average daily trading volume, of 44,800 shares, the days-to-cover ratio is presently 4.5 days.

ProMIS Neurosciences Stock Performance

Shares of NASDAQ:PMN traded down $0.04 during midday trading on Wednesday, reaching $0.71. The company had a trading volume of 56,623 shares, compared to its average volume of 70,765. The company has a fifty day simple moving average of $0.82 and a two-hundred day simple moving average of $0.96. The firm has a market cap of $23.24 million, a price-to-earnings ratio of -7.11 and a beta of 0.58. ProMIS Neurosciences has a 1-year low of $0.62 and a 1-year high of $2.61.

ProMIS Neurosciences (NASDAQ:PMN – Get Free Report) last released its quarterly earnings results on Monday, March 31st. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.12. Analysts expect that ProMIS Neurosciences will post -0.24 EPS for the current year.

Institutional Investors Weigh In On ProMIS Neurosciences

An institutional investor recently raised its position in ProMIS Neurosciences stock. Sphera Funds Management LTD. grew its holdings in ProMIS Neurosciences, Inc. (NASDAQ:PMN – Free Report) by 6.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 own 50.13% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Check Out Our Latest Research Report on PMN

About ProMIS Neurosciences

(Get Free Report)

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.

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