Promis Neurosciences (NASDAQ:PMN) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Promis Neurosciences (NASDAQ:PMN) have earned an average recommendation of “Moderate Buy” from the four analysts that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation and three have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $42.6667.

A number of research firms have recently commented on PMN. Weiss Ratings restated a “sell (e+)” rating on shares of Promis Neurosciences in a report on Thursday, January 22nd. Guggenheim reduced their target price on Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, February 6th. HC Wainwright reissued a “buy” rating and set a $18.00 price target (up from $4.00) on shares of Promis Neurosciences in a research report on Monday, December 1st. Finally, Wall Street Zen lowered Promis Neurosciences to a “strong sell” rating in a research note on Saturday, February 14th.

Insider Transactions at Promis Neurosciences

In other Promis Neurosciences news, Director Eugene Williams purchased 2,000 shares of Promis Neurosciences stock in a transaction on Wednesday, March 4th. The shares were purchased at an average cost of $24.00 per share, with a total value of $48,000.00. Following the completion of the transaction, the director directly owned 12,397 shares in the company, valued at approximately $297,528. This represents a 19.24% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Johanne Kaplan acquired 1,629 shares of the firm’s stock in a transaction on Thursday, February 19th. The shares were acquired at an average price of $15.35 per share, with a total value of $25,005.15. Following the completion of the purchase, the insider owned 3,941 shares of the company’s stock, valued at $60,494.35. This trade represents a 70.46% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders bought 705,370 shares of company stock worth $8,595,523. 3.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Promis Neurosciences

A number of hedge funds have recently made changes to their positions in the business. Citadel Advisors LLC increased its holdings in Promis Neurosciences by 168.1% in the 3rd quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock valued at $72,000 after purchasing an additional 106,650 shares in the last quarter. Armistice Capital LLC raised 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 valued at $1,264,000 after purchasing an additional 836,622 shares during the period. Finally, Ally Bridge Group NY LLC lifted its stake 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 purchasing an additional 4,899,069 shares in the last quarter. Hedge funds and other institutional investors own 50.13% of the company’s stock.

Promis Neurosciences Stock Up 11.1%

NASDAQ:PMN opened at $20.16 on Tuesday. The company has a market cap of $43.38 million, a P/E ratio of -1.06 and a beta of -0.23. The firm’s 50 day moving average is $14.79 and its two-hundred day moving average is $11.65. Promis Neurosciences has a fifty-two week low of $6.27 and a fifty-two week high of $39.75.

About Promis Neurosciences

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.