ProMIS Neurosciences (NASDAQ:PMN) Receives “Buy” Rating from Guggenheim

ProMIS Neurosciences (NASDAQ:PMN)‘s stock had its “buy” rating reiterated by Guggenheim in a research report issued to clients and investors on Wednesday,Benzinga reports.

ProMIS Neurosciences Price Performance

Shares of NASDAQ PMN traded down $0.03 during midday trading on Wednesday, reaching $0.73. The company’s stock had a trading volume of 21,163 shares, compared to its average volume of 48,908. The stock has a market capitalization of $23.70 million, a P/E ratio of -7.19 and a beta of 0.56. The firm has a 50 day moving average price of $0.93 and a 200-day moving average price of $1.05. ProMIS Neurosciences has a 12-month low of $0.65 and a 12-month high of $2.61.

Hedge Funds Weigh In On ProMIS Neurosciences

A number of hedge funds have recently modified their holdings of PMN. Great Point Partners LLC purchased a new position in ProMIS Neurosciences during the third quarter valued at $3,488,000. Sphera Funds Management LTD. boosted its holdings in ProMIS Neurosciences by 6.3% in the third quarter. Sphera Funds Management LTD. now owns 1,929,297 shares of the company’s stock worth $2,412,000 after purchasing an additional 115,084 shares during the last quarter. Ally Bridge Group NY LLC grew its holdings in shares of ProMIS Neurosciences by 50.3% in the third quarter. Ally Bridge Group NY LLC now owns 1,592,605 shares of the company’s stock worth $1,991,000 after acquiring an additional 533,023 shares during the period. Finally, Allostery Investments LP purchased a new position in ProMIS Neurosciences in the fourth quarter worth about $185,000. Hedge funds and other institutional investors own 50.13% of the company’s stock.

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.