Promis Neurosciences (NASDAQ:PMN) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Promis Neurosciences (NASDAQ:PMN) have earned a consensus recommendation of “Moderate Buy” from the four analysts that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, two have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $26.50.

Several research firms have recently commented on PMN. Guggenheim reduced their price target on Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, February 6th. Brookline Capital Markets upgraded Promis Neurosciences to a “strong-buy” rating in a report on Wednesday. Finally, Wall Street Zen lowered Promis Neurosciences to a “strong sell” rating in a report on Saturday, February 14th.

Insider Buying and Selling at Promis Neurosciences

In other Promis Neurosciences news, Director Eugene Williams bought 2,000 shares of the business’s stock in a transaction on Wednesday, March 4th. The stock was bought at an average price of $24.00 per share, with a total value of $48,000.00. Following the completion of the purchase, the director directly owned 12,397 shares in the company, valued at $297,528. The trade was a 19.24% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Patrick D. Kirwin bought 4,000 shares of the business’s stock in a transaction on Wednesday, April 22nd. The shares were acquired at an average cost of $11.33 per share, with a total value of $45,320.00. Following the purchase, the director owned 4,653 shares of the company’s stock, valued at $52,718.49. The trade was a 612.56% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have acquired 7,000 shares of company stock valued at $115,850. 1.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Promis Neurosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PMN. Ally Bridge Group NY LLC boosted its position in shares of 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 buying an additional 4,899,069 shares during the period. Citadel Advisors LLC boosted its position in shares of Promis Neurosciences by 168.1% during the third quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock worth $72,000 after buying an additional 106,650 shares during the period. Armistice Capital LLC boosted its position in shares of Promis Neurosciences by 39.1% during 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 during the period. ADAR1 Capital Management LLC purchased a new position in shares of Promis Neurosciences during the first quarter worth $1,211,000. Finally, Yu Fan purchased a new position in shares of Promis Neurosciences during the first quarter worth $4,188,000. Institutional investors and hedge funds own 50.13% of the company’s stock.

Promis Neurosciences Stock Performance

NASDAQ:PMN opened at $10.98 on Friday. The stock has a 50 day moving average price of $12.82 and a 200 day moving average price of $11.99. The stock has a market cap of $98.49 million, a PE ratio of -0.76 and a beta of -0.20. Promis Neurosciences has a one year low of $6.27 and a one year high of $39.75.

Promis Neurosciences (NASDAQ:PMN) last issued 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).

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.