Promis Neurosciences (NASDAQ:PMN) Stock Price Down 0.1% – Here’s What Happened

Promis Neurosciences (NASDAQ:PMN)’s share price dropped 0.1% during trading on Thursday . The company traded as low as $7.98 and last traded at $8.1350. Approximately 3,223 shares traded hands during trading, a decline of 81% from the average daily volume of 17,399 shares. The stock had previously closed at $8.14.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Guggenheim dropped their target price on Promis Neurosciences from $150.00 to $125.00 and set a “buy” rating for the company in a report on Tuesday, November 18th. Weiss Ratings reissued a “sell (e+)” rating on shares of Promis Neurosciences in a report on Wednesday, October 8th. HC Wainwright restated a “buy” rating and set a $18.00 price objective (up from $4.00) on shares of Promis Neurosciences in a research report on Monday, December 1st. Finally, Wall Street Zen downgraded shares of Promis Neurosciences to a “strong sell” rating in a research note on Saturday, November 29th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Promis Neurosciences currently has an average rating of “Moderate Buy” and an average target price of $72.67.

Promis Neurosciences Stock Performance

The stock has a market capitalization of $17.49 million, a price-to-earnings ratio of -0.43 and a beta of -0.10. The business has a 50-day moving average of $8.34 and a 200-day moving average of $11.46.

Promis Neurosciences (NASDAQ:PMN) last announced its earnings results 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). Equities analysts predict that Promis Neurosciences will post -0.24 earnings per share for the current fiscal year.

Institutional Trading of Promis Neurosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PMN. Ally Bridge Group NY LLC lifted its stake in 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 purchasing an additional 4,899,069 shares in the last quarter. Armistice Capital LLC raised its holdings in shares of Promis Neurosciences by 39.1% in the 3rd quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock valued at $1,264,000 after buying an additional 836,622 shares during the period. Finally, Citadel Advisors LLC lifted 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 worth $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.

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.