Promis Neurosciences (NASDAQ:PMN) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Promis Neurosciences (NASDAQ:PMN) have been given an average rating of “Moderate Buy” by the seven analysts that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $24.00.

Several brokerages have recently commented on PMN. Zacks Research upgraded Promis Neurosciences to a “hold” rating in a research report on Tuesday, June 9th. HC Wainwright reissued a “buy” rating and set a $18.00 price target on shares of Promis Neurosciences in a research report on Wednesday, June 24th. Cantor Fitzgerald initiated coverage on Promis Neurosciences in a research note on Tuesday, June 30th. They set an “overweight” rating on the stock. Weiss Ratings downgraded shares of Promis Neurosciences from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 11th. Finally, Roth Capital began coverage on shares of Promis Neurosciences in a research note on Tuesday, July 7th. They set a “buy” rating and a $19.00 target price for the company.

Insider Activity at Promis Neurosciences

In other Promis Neurosciences news, Director Patrick D. Kirwin purchased 4,000 shares of the firm’s 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 owned 4,653 shares of the company’s stock, valued at approximately $52,718.49. This represents a 612.56% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Promis Neurosciences

A number of large investors have recently bought and sold shares of the business. Ally Bridge Group NY LLC lifted its holdings in Promis Neurosciences by 367.1% in 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 last quarter. Janus Henderson Group PLC bought a new position in shares of Promis Neurosciences during the first quarter valued at approximately $16,418,000. Armistice Capital LLC raised its position in shares of Promis Neurosciences by 39.1% during 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 during the period. Yu Fan acquired a new stake in shares of Promis Neurosciences during the 1st quarter worth approximately $4,188,000. Finally, Citadel Advisors LLC lifted 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 worth $72,000 after purchasing an additional 106,650 shares during the last quarter. Institutional investors own 50.13% of the company’s stock.

Promis Neurosciences Stock Performance

NASDAQ:PMN opened at $14.25 on Monday. The company has a market capitalization of $127.82 million, a price-to-earnings ratio of -0.98 and a beta of -0.23. Promis Neurosciences has a one year low of $6.27 and a one year high of $39.75. The stock has a 50-day simple moving average of $11.00 and a 200 day simple moving average of $12.59.

Promis Neurosciences (NASDAQ:PMN) last announced its quarterly earnings data 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 research analysts forecast that Promis Neurosciences will post -5.13 EPS for the current fiscal year.

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.