Promis Neurosciences (NASDAQ:PMN) Sees Large Growth in Short Interest

Promis Neurosciences (NASDAQ:PMN) was the recipient of a large growth in short interest during the month of July. As of July 15th, there was short interest totaling 1,770,000 shares, agrowthof1,152.7% from the June 30th total of 141,300 shares. Based on an average daily volume of 6,470,000 shares, the short-interest ratio is presently 0.3 days. Approximately7.7% of the shares of the stock are sold short. Approximately7.7% of the shares of the stock are sold short. Based on an average daily volume of 6,470,000 shares, the short-interest ratio is presently 0.3 days.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Promis Neurosciences stock. Allostery Investments LP acquired a new position in shares of Promis Neurosciences (NASDAQ:PMN) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 195,111 shares of the company’s stock, valued at approximately $185,000. Allostery Investments LP owned about 0.60% of Promis Neurosciences as of its most recent SEC filing. Institutional investors and hedge funds own 50.13% of the company’s stock.

Promis Neurosciences Stock Performance

Shares of PMN opened at $0.77 on Monday. The stock has a fifty day moving average of $0.56 and a two-hundred day moving average of $0.66. The company has a market capitalization of $25.06 million, a PE ratio of -15.33 and a beta of -0.04. Promis Neurosciences has a fifty-two week low of $0.38 and a fifty-two week high of $1.59.

Promis Neurosciences (NASDAQ:PMN) last issued its quarterly earnings results on Monday, May 12th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.07). As a group, equities research analysts forecast that Promis Neurosciences will post -0.24 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on PMN shares. Leede Financial upgraded Promis Neurosciences to a “moderate buy” rating in a research report on Monday, July 21st. HC Wainwright assumed coverage on Promis Neurosciences in a report on Monday, July 14th. They issued a “buy” rating and a $4.00 price target for the company. Finally, Maxim Group assumed coverage on Promis Neurosciences in a report on Monday, May 12th. They issued a “buy” rating and a $3.00 price target for the company.

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.