Promis Neurosciences (NASDAQ:PMN) Upgraded by Wall Street Zen to Sell Rating

Promis Neurosciences (NASDAQ:PMN) was upgraded by equities researchers at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Sunday.

Other equities analysts have also issued reports about the company. Guggenheim dropped their target price on Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, February 6th. Brookline Capital Markets upgraded Promis Neurosciences to a “strong-buy” rating in a research note on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Promis Neurosciences presently has an average rating of “Moderate Buy” and an average price target of $26.50.

Promis Neurosciences Trading Down 0.6%

Shares of PMN stock opened at $10.81 on Friday. The business’s 50 day moving average is $11.99 and its two-hundred day moving average is $12.02. Promis Neurosciences has a twelve month low of $6.27 and a twelve month high of $39.75. The company has a market capitalization of $96.97 million, a P/E ratio of -0.75 and a beta of -0.20.

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

Insiders Place Their Bets

In other news, Director Patrick D. Kirwin purchased 4,000 shares of the firm’s stock in a transaction on Wednesday, April 22nd. The stock was purchased at an average cost of $11.33 per share, with a total value of $45,320.00. Following the purchase, the director owned 4,653 shares in the company, valued at $52,718.49. This trade represents a 612.56% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Eugene Williams purchased 2,000 shares of the firm’s stock in a transaction on Wednesday, March 4th. The shares were purchased at an average cost of $24.00 per share, with a total value of $48,000.00. Following the completion of the purchase, the director owned 12,397 shares in the company, valued at $297,528. This represents a 19.24% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have acquired 7,000 shares of company stock valued at $115,850. 1.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Promis Neurosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PMN. Ally Bridge Group NY LLC boosted its stake in 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 in the last quarter. Citadel Advisors LLC boosted its stake in Promis Neurosciences by 168.1% during 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 in the last quarter. Armistice Capital LLC boosted its stake in Promis Neurosciences by 39.1% during the 3rd quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock valued at $1,264,000 after purchasing an additional 836,622 shares in the last quarter. ADAR1 Capital Management LLC bought a new position in Promis Neurosciences during the 1st quarter valued at $1,211,000. Finally, Yu Fan bought a new position in Promis Neurosciences during the 1st quarter valued at $4,188,000. 50.13% of the stock is owned by institutional investors.

Promis Neurosciences Company Profile

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.