Promis Neurosciences (NASDAQ:PMN) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Promis Neurosciences (NASDAQ:PMN) have been given a consensus rating of “Moderate Buy” by the four research firms that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokers that have covered the stock in the last year is $26.50.

A number of equities analysts recently weighed in on PMN shares. Wall Street Zen cut Promis Neurosciences to a “strong sell” rating in a report on Saturday, February 14th. Guggenheim reduced their price target on Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating for the company in a report on Friday, February 6th. Finally, Brookline Capital Markets raised Promis Neurosciences to a “strong-buy” rating in a report on Wednesday.

Insider Transactions at Promis Neurosciences

In other Promis Neurosciences news, Director Patrick D. Kirwin purchased 4,000 shares of Promis Neurosciences stock in a transaction that occurred on Wednesday, April 22nd. The stock was bought at an average price of $11.33 per share, with a total value of $45,320.00. Following the acquisition, the director owned 4,653 shares of the company’s stock, valued at $52,718.49. This trade represents a 612.56% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Eugene Williams purchased 2,000 shares of Promis Neurosciences stock in a transaction that occurred on Wednesday, March 4th. The stock was acquired at an average cost of $24.00 per share, with a total value of $48,000.00. Following the acquisition, the director directly owned 12,397 shares in the company, valued at $297,528. This trade represents a 19.24% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 7,000 shares of company stock valued at $115,850 in the last ninety days. 1.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Promis Neurosciences

A number of hedge funds have recently made changes to their positions in the company. Janus Henderson Group PLC acquired a new position in shares of Promis Neurosciences during the first quarter valued at approximately $16,418,000. Ally Bridge Group NY LLC raised its holdings in shares of Promis Neurosciences by 66.1% during the first quarter. Ally Bridge Group NY LLC now owns 414,219 shares of the company’s stock valued at $5,261,000 after acquiring an additional 164,880 shares during the last quarter. Yu Fan acquired a new position in shares of Promis Neurosciences during the first quarter valued at approximately $4,188,000. ADAR1 Capital Management LLC acquired a new position in shares of Promis Neurosciences during the first quarter valued at approximately $1,211,000. Finally, Armistice Capital LLC raised its holdings 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. Institutional investors and hedge funds own 50.13% of the company’s stock.

Promis Neurosciences Stock Up 1.2%

Shares of PMN opened at $10.98 on Friday. Promis Neurosciences has a 52 week low of $6.27 and a 52 week high of $39.75. The company has a market capitalization of $98.49 million, a price-to-earnings ratio of -0.76 and a beta of -0.20. The stock’s 50-day moving average price is $12.82 and its 200-day moving average price is $11.99.

Promis Neurosciences (NASDAQ:PMN) last issued its earnings results on Tuesday, May 12th. The company reported ($1.26) EPS for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.20).

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.