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

Promis Neurosciences (NASDAQ:PMN) has earned an average recommendation of “Moderate Buy” from the five analysts that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $26.50.

PMN has been the subject of several recent research reports. Brookline Capital Markets raised Promis Neurosciences to a “strong-buy” rating in a report on Wednesday, May 20th. HC Wainwright reiterated a “buy” rating and issued a $18.00 price objective on shares of Promis Neurosciences in a research note on Monday, June 8th. Zacks Research upgraded Promis Neurosciences to a “hold” rating in a research note on Tuesday, June 9th. Wall Street Zen upgraded Promis Neurosciences from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 31st. Finally, Weiss Ratings lowered Promis Neurosciences from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 11th.

Promis Neurosciences Stock Up 2.2%

Promis Neurosciences stock opened at $10.38 on Thursday. The business has a 50 day moving average price of $10.77 and a two-hundred day moving average price of $12.11. The stock has a market cap of $93.11 million, a price-to-earnings ratio of -0.72 and a beta of -0.19. Promis Neurosciences has a 12 month low of $6.27 and a 12 month high of $39.75.

Promis Neurosciences (NASDAQ:PMN) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($1.26) EPS for the quarter, missing the consensus estimate of ($1.06) by ($0.20). On average, analysts expect that Promis Neurosciences will post -4.57 earnings per share for the current fiscal year.

Insider Buying and Selling at Promis Neurosciences

In related news, Director Patrick D. Kirwin acquired 4,000 shares of the stock in a transaction dated Wednesday, April 22nd. The shares were bought at an average cost of $11.33 per share, for a total transaction of $45,320.00. Following the purchase, the director owned 4,653 shares in the company, valued at approximately $52,718.49. This trade represents a 612.56% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Promis Neurosciences

Several large investors have recently modified their holdings of PMN. Citadel Advisors LLC grew its stake in shares of 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. Seven Fleet Capital Management LP bought a new stake in shares of Promis Neurosciences in the 1st quarter valued at approximately $135,000. ADAR1 Capital Management LLC bought a new stake in shares of Promis Neurosciences in the 1st quarter valued at approximately $1,211,000. Armistice Capital LLC grew its stake in shares of Promis Neurosciences by 39.1% in 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 during the period. Finally, Ally Bridge Group NY LLC grew its position 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 worth $2,649,000 after acquiring an additional 4,899,069 shares during the last quarter. 50.13% of the stock is currently owned by institutional investors.

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.