Analysts Set Promis Neurosciences (NASDAQ:PMN) Target Price at $72.67

Shares of Promis Neurosciences (NASDAQ:PMN) have received an average rating of “Moderate Buy” from the four ratings firms that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation and three have given a buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $72.6667.

Several equities analysts have recently weighed in on the stock. Wall Street Zen cut shares of Promis Neurosciences to a “strong sell” rating in a research note on Saturday, November 29th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Promis Neurosciences in a report on Wednesday, October 8th. Guggenheim decreased their price target on shares of Promis Neurosciences from $150.00 to $125.00 and set a “buy” rating on the stock in a research report on Tuesday, November 18th. Finally, HC Wainwright reiterated a “buy” rating and set a $18.00 price target (up previously from $4.00) on shares of Promis Neurosciences in a research note on Monday, December 1st.

Hedge Funds Weigh In On Promis Neurosciences

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Armistice Capital LLC increased its position in Promis Neurosciences by 39.1% in the third quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock worth $1,264,000 after buying an additional 836,622 shares in the last quarter. 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 valued at $72,000 after acquiring an additional 106,650 shares during the period. Finally, Ally Bridge Group NY LLC grew its stake in shares of 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 valued at $2,649,000 after acquiring an additional 4,899,069 shares during the period. 50.13% of the stock is currently owned by hedge funds and other institutional investors.

Promis Neurosciences Price Performance

PMN stock opened at $8.25 on Monday. Promis Neurosciences has a 1 year low of $6.27 and a 1 year high of $39.75. The company has a market cap of $17.74 million, a P/E ratio of -0.43 and a beta of -0.10. The stock’s fifty day moving average price is $8.21 and its 200-day moving average price is $11.36.

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