ProMIS Neurosciences, Inc. (NASDAQ:PMN) Short Interest Up 30.1% in March

ProMIS Neurosciences, Inc. (NASDAQ:PMN) was the target of a large increase in short interest in 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 company’s stock are sold short. Based on an average trading volume of 44,800 shares, the short-interest ratio is currently 4.5 days.

ProMIS Neurosciences Stock Performance

Shares of ProMIS Neurosciences stock traded down $0.04 during trading on Wednesday, hitting $0.71. 56,623 shares of the stock traded hands, compared to its average volume of 70,765. The stock has a market cap of $23.24 million, a P/E ratio of -7.11 and a beta of 0.58. The company has a fifty day moving average price of $0.82 and a two-hundred day moving average price of $0.96. ProMIS Neurosciences has a twelve month low of $0.62 and a twelve month high of $2.61.

ProMIS Neurosciences (NASDAQ:PMN) last posted its 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. On average, equities research analysts expect that ProMIS Neurosciences will post -0.24 EPS for the current fiscal year.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On ProMIS Neurosciences

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