Promis Neurosciences (NASDAQ:PMN) Rating Lowered to Strong Sell at Wall Street Zen

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

PMN has been the topic of several other research reports. Guggenheim dropped their target price on shares of Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Weiss Ratings reissued a “sell (e+)” rating on shares of Promis Neurosciences in a report on Thursday, January 22nd. Finally, HC Wainwright restated a “buy” rating and issued a $18.00 target price (up previously from $4.00) on shares of Promis Neurosciences in a research note on Monday, December 1st. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.67.

Promis Neurosciences Trading Up 1.9%

NASDAQ PMN opened at $15.25 on Friday. Promis Neurosciences has a 12-month low of $6.27 and a 12-month high of $39.75. The firm’s fifty day simple moving average is $9.77 and its two-hundred day simple moving average is $11.08. The firm has a market capitalization of $32.82 million, a P/E ratio of -0.80 and a beta of -0.08.

Promis Neurosciences (NASDAQ:PMN) last announced its earnings results on Wednesday, November 12th. The company reported ($6.00) earnings per share for the quarter, missing the consensus estimate of ($3.75) by ($2.25). As a group, sell-side analysts predict that Promis Neurosciences will post -0.24 earnings per share for the current fiscal year.

Insider Buying and Selling at Promis Neurosciences

In related news, major shareholder Abg Management Ltd. acquired 700,741 shares of Promis Neurosciences stock in a transaction on Tuesday, February 3rd. The stock was acquired at an average price of $12.13 per share, for a total transaction of $8,499,988.33. Following 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 position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 3.80% of the company’s stock.

Institutional Trading of Promis Neurosciences

Hedge funds have recently modified their holdings of the stock. Ally Bridge Group NY LLC grew its holdings in Promis Neurosciences by 367.1% during the third 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 period. Armistice Capital LLC boosted its position in Promis Neurosciences by 39.1% in the 3rd quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock worth $1,264,000 after purchasing an additional 836,622 shares in the last quarter. Finally, Citadel Advisors LLC grew its stake in shares of Promis Neurosciences by 168.1% during the 3rd quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock worth $72,000 after purchasing an additional 106,650 shares during the period. 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.