Promis Neurosciences (NASDAQ:PMN) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of Promis Neurosciences (NASDAQ:PMN) have been assigned a consensus rating of “Moderate Buy” from the four analysts that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation and three have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $42.6667.

Several brokerages have recently commented on PMN. Wall Street Zen downgraded shares of Promis Neurosciences to a “strong sell” rating in a research report on Saturday, November 29th. Guggenheim dropped their price objective on shares of Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, February 6th. HC Wainwright restated a “buy” rating and issued a $18.00 target price (up from $4.00) on shares of Promis Neurosciences in a research note on Monday, December 1st. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Promis Neurosciences in a report on Thursday, January 22nd.

Promis Neurosciences Trading Up 2.4%

Shares of Promis Neurosciences stock opened at $14.96 on Friday. The business has a 50-day moving average price of $9.62 and a two-hundred day moving average price of $11.13. Promis Neurosciences has a 1-year low of $6.27 and a 1-year high of $39.75. The company has a market cap of $32.16 million, a P/E ratio of -0.79 and a beta of -0.08.

Promis Neurosciences (NASDAQ:PMN) last announced its quarterly earnings data on Wednesday, November 12th. The company reported ($6.00) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($3.75) by ($2.25). Equities research analysts forecast that Promis Neurosciences will post -0.24 EPS for the current fiscal year.

Insiders Place Their Bets

In other Promis Neurosciences news, major shareholder Abg Management Ltd. acquired 700,741 shares of the company’s stock in a transaction on Tuesday, February 3rd. The shares were purchased at an average cost of $12.13 per share, with a total value of $8,499,988.33. Following the completion of the purchase, the insider owned 943,090 shares of the company’s stock, valued at approximately $11,439,681.70. This represents a 289.15% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Promis Neurosciences

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Armistice Capital LLC increased its position in shares of Promis Neurosciences by 39.1% during the third quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock valued at $1,264,000 after acquiring an additional 836,622 shares during the last quarter. Citadel Advisors LLC grew its stake in Promis Neurosciences by 168.1% in the 3rd quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock valued at $72,000 after purchasing an additional 106,650 shares during the period. Finally, Ally Bridge Group NY LLC increased its position in shares of Promis Neurosciences by 367.1% during the 3rd quarter. Ally Bridge Group NY LLC now owns 6,233,497 shares of the company’s stock valued at $2,649,000 after purchasing an additional 4,899,069 shares during the last quarter. Institutional investors and hedge funds own 50.13% of the company’s stock.

About Promis Neurosciences

Promis Neurosciences, Inc is a clinical‐stage biopharmaceutical company focused on the discovery and development of novel therapeutics for central nervous system disorders. The company’s research programs target cognitive impairment and other neurological symptoms associated with diseases such as Alzheimer’s disease and multiple sclerosis.

Leveraging a proprietary small‐molecule discovery platform, Promis Neurosciences advances both preclinical and early clinical candidates designed to modulate neural pathways involved in memory, learning and neuroinflammation.