Promis Neurosciences (NASDAQ:PMN) Sees Significant Decrease in Short Interest

Promis Neurosciences (NASDAQ:PMN) was the target of a large decrease in short interest in October. As of October 15th, there was short interest totaling 185,500 shares, a decrease of 42.1% from the September 30th total of 320,400 shares. Based on an average daily volume of 1,620,000 shares, the days-to-cover ratio is presently 0.1 days. Currently, 1.0% of the shares of the stock are sold short. Currently, 1.0% of the shares of the stock are sold short. Based on an average daily volume of 1,620,000 shares, the days-to-cover ratio is presently 0.1 days.

Institutional Investors Weigh In On Promis Neurosciences

A hedge fund recently raised its stake in Promis Neurosciences stock. Allostery Investments LP grew its stake in shares of Promis Neurosciences (NASDAQ:PMN) by 19.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 233,703 shares of the company’s stock after purchasing an additional 38,592 shares during the period. Allostery Investments LP owned approximately 0.71% of Promis Neurosciences worth $165,000 as of its most recent SEC filing. 50.13% of the stock is owned by institutional investors and hedge funds.

Promis Neurosciences Stock Performance

NASDAQ:PMN traded down $0.01 during trading hours on Monday, reaching $0.41. The company’s stock had a trading volume of 266,971 shares, compared to its average volume of 2,528,667. The firm has a market capitalization of $21.85 million, a price-to-earnings ratio of -1.94 and a beta of -0.22. The firm has a 50-day simple moving average of $0.46 and a 200-day simple moving average of $0.53. Promis Neurosciences has a 1 year low of $0.38 and a 1 year high of $1.59.

Promis Neurosciences (NASDAQ:PMN) last announced its quarterly earnings results on Wednesday, August 13th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.07). Equities analysts anticipate that Promis Neurosciences will post -0.24 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on PMN shares. Wall Street Zen cut shares of Promis Neurosciences to a “strong sell” rating in a research note on Saturday, October 11th. HC Wainwright assumed coverage on shares of Promis Neurosciences in a research report on Monday, July 14th. They set a “buy” rating and a $4.00 price objective on the stock. Leede Financial upgraded shares of Promis Neurosciences to a “moderate buy” rating in a research report on Monday, July 21st. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Promis Neurosciences in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $4.33.

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.