Promis Neurosciences (NASDAQ:PMN) Receives $42.67 Average Price Target from Analysts

Promis Neurosciences (NASDAQ:PMN) has been given an average recommendation of “Moderate Buy” by the four ratings firms that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation and three have given a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $42.6667.

PMN has been the topic of a number of recent research reports. Guggenheim reduced their target price on shares of Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Wall Street Zen cut shares of Promis Neurosciences to a “strong sell” rating in a research report on Saturday, February 14th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Promis Neurosciences in a research report on Thursday, January 22nd.

Promis Neurosciences Trading Down 12.4%

NASDAQ PMN opened at $10.96 on Friday. The company’s fifty day simple moving average is $16.83 and its 200-day simple moving average is $12.06. Promis Neurosciences has a 52 week low of $6.27 and a 52 week high of $39.75. The stock has a market cap of $23.59 million, a P/E ratio of -0.58 and a beta of -0.17.

Insider Transactions at Promis Neurosciences

In other news, major shareholder Abg Management Ltd. bought 700,741 shares of Promis Neurosciences stock in a transaction dated Tuesday, February 3rd. The shares were acquired at an average cost of $12.13 per share, with a total value of $8,499,988.33. Following the completion of the transaction, the insider owned 943,090 shares in the company, valued at approximately $11,439,681.70. This trade represents a 289.15% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Johanne Kaplan purchased 1,629 shares of the business’s stock in a transaction that occurred on Thursday, February 19th. The stock was bought at an average cost of $15.35 per share, for a total transaction of $25,005.15. Following the completion of the acquisition, the insider directly owned 3,941 shares of the company’s stock, valued at $60,494.35. This represents a 70.46% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have bought 705,370 shares of company stock valued at $8,595,523. Corporate insiders own 3.80% of the company’s stock.

Institutional Trading of Promis Neurosciences

Institutional investors have recently added to or reduced their stakes in the stock. Ally Bridge Group NY LLC raised its holdings in Promis Neurosciences by 367.1% in the third quarter. Ally Bridge Group NY LLC now owns 6,233,497 shares of the company’s stock valued at $2,649,000 after acquiring an additional 4,899,069 shares in the last quarter. Armistice Capital LLC raised its holdings 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 acquiring an additional 836,622 shares in the last quarter. Finally, Citadel Advisors LLC raised its holdings in Promis Neurosciences by 168.1% in the third 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. 50.13% of the stock is owned by institutional investors and hedge funds.

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.