Promis Neurosciences (NASDAQ:PMN) Upgraded to “Sell” at Wall Street Zen

Promis Neurosciences (NASDAQ:PMN) was upgraded by Wall Street Zen from a “strong sell” rating to a “sell” rating in a research note issued to investors on Saturday.

A number of other equities analysts have also issued reports on PMN. HC Wainwright restated a “buy” rating on shares of Promis Neurosciences in a research report on Wednesday. Brookline Capital Markets upgraded shares of Promis Neurosciences to a “strong-buy” rating in a research note on Wednesday, May 20th. Zacks Research raised shares of Promis Neurosciences to a “hold” rating in a research report on Tuesday, June 9th. Roth Capital began coverage on shares of Promis Neurosciences in a research note on Tuesday, July 7th. They issued a “buy” rating and a $19.00 price objective on the stock. Finally, Cantor Fitzgerald began coverage on shares of Promis Neurosciences in a report on Tuesday, June 30th. They issued an “overweight” rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Promis Neurosciences has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

Promis Neurosciences Stock Up 14.2%

NASDAQ:PMN opened at $15.19 on Friday. The stock’s 50 day moving average price is $11.32 and its 200 day moving average price is $12.76. The company has a market capitalization of $136.25 million, a PE ratio of -1.05 and a beta of -0.23. Promis Neurosciences has a 52-week low of $6.27 and a 52-week high of $39.75.

Promis Neurosciences (NASDAQ:PMN) last released 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). As a group, sell-side analysts anticipate that Promis Neurosciences will post -5.13 EPS for the current fiscal year.

Insider Activity

In other Promis Neurosciences news, Director Patrick D. Kirwin purchased 4,000 shares of Promis Neurosciences stock in a transaction dated Wednesday, April 22nd. The stock was acquired at an average cost of $11.33 per share, with a total value of $45,320.00. Following the acquisition, the director directly owned 4,653 shares of the company’s stock, valued at $52,718.49. This represents a 612.56% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Seven Fleet Capital Management LP purchased a new stake in shares of Promis Neurosciences during the 1st quarter worth $135,000. ADAR1 Capital Management LLC acquired a new position in shares of Promis Neurosciences during the 1st quarter worth $1,211,000. Citadel Advisors LLC increased its holdings 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 in the last quarter. Ally Bridge Group NY LLC increased its holdings in shares of Promis Neurosciences by 66.1% in the 1st quarter. Ally Bridge Group NY LLC now owns 414,219 shares of the company’s stock valued at $5,261,000 after purchasing an additional 164,880 shares in the last quarter. Finally, Yu Fan purchased a new position in shares of Promis Neurosciences in the 1st quarter valued at about $4,188,000. Hedge funds and other institutional investors own 50.13% of the company’s stock.

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.