Promis Neurosciences (NASDAQ:PMN) Upgraded to “Strong-Buy” at Brookline Capital Markets

Brookline Capital Markets upgraded shares of Promis Neurosciences (NASDAQ:PMN) to a strong-buy rating in a research report sent to investors on Wednesday,Zacks.com reports.

Other equities research analysts have also issued research reports about the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Promis Neurosciences in a research note on Thursday, January 22nd. Wall Street Zen downgraded Promis Neurosciences to a “strong sell” rating in a research report on Saturday, February 14th. Finally, Guggenheim decreased their price objective on Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating for the company in a report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $26.50.

Promis Neurosciences Stock Performance

Shares of PMN opened at $10.60 on Wednesday. The firm has a fifty day moving average of $13.22 and a 200-day moving average of $11.99. The company has a market cap of $95.08 million, a price-to-earnings ratio of -0.73 and a beta of -0.20. Promis Neurosciences has a 1 year low of $6.27 and a 1 year high of $39.75.

Promis Neurosciences (NASDAQ:PMN) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($1.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.20).

Insider Activity

In related news, Director Patrick D. Kirwin bought 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was purchased at an average price of $11.33 per share, for a total transaction of $45,320.00. Following the transaction, the director directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eugene Williams bought 2,000 shares of the stock in a transaction on Wednesday, March 4th. The shares were bought at an average cost of $24.00 per share, for a total transaction of $48,000.00. Following the purchase, the director owned 12,397 shares in the company, valued at $297,528. This trade represents a 19.24% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased 7,000 shares of company stock valued at $115,850 in the last ninety days. Corporate insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Citadel Advisors LLC lifted its position in Promis Neurosciences by 168.1% in the third 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 period. ADAR1 Capital Management LLC acquired a new position in shares of Promis Neurosciences during the 1st quarter valued at $1,211,000. Armistice Capital LLC increased 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 valued at $1,264,000 after purchasing an additional 836,622 shares during the period. Ally Bridge Group NY LLC raised its stake in shares of Promis Neurosciences by 367.1% in the 3rd 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 in the last quarter. Finally, Yu Fan acquired a new stake in shares of Promis Neurosciences in the first quarter valued at $4,188,000. Institutional investors and hedge funds own 50.13% of the company’s stock.

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.