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

Promis Neurosciences (NASDAQ:PMN) was upgraded by equities research analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a report released on Saturday.

Other research analysts also recently issued research reports about the company. HC Wainwright restated a “buy” rating and issued a $18.00 price objective on shares of Promis Neurosciences in a research note on Monday, June 8th. Brookline Capital Markets upgraded 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 report on Tuesday, June 9th. Finally, Weiss Ratings lowered shares of Promis Neurosciences from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 11th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Promis Neurosciences currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.50.

Promis Neurosciences Price Performance

Promis Neurosciences stock opened at $10.54 on Friday. Promis Neurosciences has a 52 week low of $6.27 and a 52 week high of $39.75. The company’s 50 day moving average price is $10.76 and its two-hundred day moving average price is $12.13. The stock has a market cap of $94.54 million, a P/E ratio of -0.73 and a beta of -0.19.

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

Insider Activity at Promis Neurosciences

In other news, Director Patrick D. Kirwin acquired 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 22nd. The shares were acquired at an average price of $11.33 per share, for a total transaction of $45,320.00. Following the completion of 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.50% of the company’s stock.

Institutional Trading of Promis Neurosciences

Large investors have recently bought and sold shares of the company. Seven Fleet Capital Management LP purchased a new position in shares of Promis Neurosciences during the 1st quarter valued at $135,000. Janus Henderson Group PLC bought a new position in shares of Promis Neurosciences during the 1st quarter worth $16,418,000. Ally Bridge Group NY LLC increased its holdings in Promis Neurosciences by 66.1% in the 1st quarter. Ally Bridge Group NY LLC now owns 414,219 shares of the company’s stock worth $5,261,000 after acquiring an additional 164,880 shares during the last quarter. Yu Fan purchased a new stake in Promis Neurosciences in the 1st quarter worth about $4,188,000. Finally, ADAR1 Capital Management LLC purchased a new stake in Promis Neurosciences in the 1st quarter worth about $1,211,000. 50.13% of the stock is owned by hedge funds and other 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.