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

Wall Street Zen cut shares of Promis Neurosciences (NASDAQ:PMN) to a strong sell rating in a research note issued to investors on Saturday.

Several other brokerages have also recently commented on PMN. HC Wainwright reiterated a “buy” rating and issued a $100.00 price target on shares of Promis Neurosciences in a research report on Friday, November 21st. Guggenheim dropped their target price on shares of Promis Neurosciences from $150.00 to $125.00 and set a “buy” rating on the stock in a report on Tuesday, November 18th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Promis Neurosciences in a report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Promis Neurosciences presently has a consensus rating of “Moderate Buy” and an average target price of $72.67.

Promis Neurosciences Stock Performance

Shares of NASDAQ PMN opened at $7.00 on Friday. Promis Neurosciences has a 1 year low of $6.27 and a 1 year high of $39.75. The firm has a market cap of $15.05 million, a P/E ratio of -0.37 and a beta of -0.05. The stock has a fifty day moving average price of $10.45 and a two-hundred day moving average price of $12.48.

Promis Neurosciences (NASDAQ:PMN) last announced its quarterly earnings data 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). On average, research analysts predict that Promis Neurosciences will post -0.24 earnings per share for the current fiscal year.

Institutional Trading of Promis Neurosciences

Hedge funds have recently modified their holdings of the business. Allostery Investments LP boosted its position in shares of Promis Neurosciences by 19.8% in the first quarter. Allostery Investments LP now owns 233,703 shares of the company’s stock worth $165,000 after buying an additional 38,592 shares during the period. Armistice Capital LLC lifted its stake 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 acquiring an additional 836,622 shares in the last quarter. Ally Bridge Group NY LLC boosted its position in 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 worth $2,649,000 after acquiring an additional 4,899,069 shares during the period. Finally, Citadel Advisors LLC grew its stake in 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 in the last quarter. Hedge funds and other institutional investors own 50.13% of the company’s stock.

About Promis Neurosciences

ProMIS Neurosciences, Inc discovers and develops antibody therapies and therapeutic vaccines neurodegenerative diseases and other misfolded protein diseases in Canada. The company’s proprietary discovery platform comprises ProMIS and Collective Coordinates algorithms to predict novel targets known as disease specific epitopes on the molecular surface of misfolded proteins.