Promis Neurosciences (NASDAQ:PMN) Stock Rating Upgraded by Roth Capital

Promis Neurosciences (NASDAQ:PMN) was upgraded by investment analysts at Roth Capital to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

A number of other brokerages also recently weighed in on PMN. Weiss Ratings downgraded shares of Promis Neurosciences from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 11th. Zacks Research raised shares of Promis Neurosciences to a “hold” rating in a research report on Tuesday, June 9th. Brookline Capital Markets upgraded Promis Neurosciences to a “strong-buy” rating in a report on Wednesday, May 20th. Cantor Fitzgerald initiated coverage on Promis Neurosciences in a research report on Tuesday, June 30th. They issued an “overweight” rating for the company. Finally, Wall Street Zen raised Promis Neurosciences from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 20th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

Promis Neurosciences Price Performance

Shares of PMN stock opened at $13.78 on Tuesday. The stock has a market capitalization of $123.61 million, a PE ratio of -0.95 and a beta of -0.23. The business’s 50 day simple moving average is $10.87 and its 200 day simple moving average is $12.51. Promis Neurosciences has a one year low of $6.27 and a one year high of $39.75.

Promis Neurosciences (NASDAQ:PMN) last released its quarterly 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). As a group, research analysts expect that Promis Neurosciences will post -5.19 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Patrick D. Kirwin purchased 4,000 shares of the business’s stock in a transaction on Wednesday, April 22nd. The stock was acquired at an average price of $11.33 per share, for a total transaction of $45,320.00. Following the purchase, the director owned 4,653 shares of the company’s stock, valued at approximately $52,718.49. This trade represents a 612.56% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PMN. Ally Bridge Group NY LLC grew its holdings 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 buying an additional 4,899,069 shares in the last quarter. Citadel Advisors LLC boosted its holdings 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 during the last quarter. Armistice Capital LLC grew its stake 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 worth $1,264,000 after acquiring an additional 836,622 shares in the last quarter. ADAR1 Capital Management LLC purchased a new stake in shares of Promis Neurosciences in the first quarter valued at about $1,211,000. Finally, Yu Fan bought a new position in shares of Promis Neurosciences during the first quarter valued at about $4,188,000. 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.