Promis Neurosciences (NASDAQ:PMN) Raised to Sell at Wall Street Zen

Promis Neurosciences (NASDAQ:PMN) was upgraded by research analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research report issued on Saturday.

Other research analysts have also recently issued reports about the company. Weiss Ratings cut Promis Neurosciences from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 11th. Cantor Fitzgerald began coverage on Promis Neurosciences in a research report on Tuesday, June 30th. They set an “overweight” rating on the stock. Brookline Capital Markets upgraded Promis Neurosciences to a “strong-buy” rating in a research note on Wednesday, May 20th. Roth Capital assumed coverage on Promis Neurosciences in a research note on Tuesday, July 7th. They set a “buy” rating and a $19.00 price objective on the stock. Finally, HC Wainwright reissued a “buy” rating on shares of Promis Neurosciences in a report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

Promis Neurosciences Price Performance

Shares of NASDAQ:PMN opened at $15.19 on Friday. The company’s 50-day moving average price is $11.32 and its two-hundred day moving average price is $12.80. Promis Neurosciences has a one year low of $6.27 and a one year high of $39.75. The stock has a market capitalization of $136.25 million, a PE ratio of -1.05 and a beta of -0.23.

Promis Neurosciences (NASDAQ:PMN) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($1.26) earnings per share for the quarter, missing the consensus estimate of ($1.06) by ($0.20). On average, analysts anticipate that Promis Neurosciences will post -5.13 earnings per share for the current fiscal year.

Insider Transactions at Promis Neurosciences

In other news, Director Patrick D. Kirwin acquired 4,000 shares of the firm’s stock in a transaction on Wednesday, April 22nd. The shares were purchased at an average cost of $11.33 per share, with a total value of $45,320.00. Following the acquisition, the director directly owned 4,653 shares in the company, valued at $52,718.49. This represents a 612.56% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 1.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Armistice Capital LLC boosted its position in shares of 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 during the period. Seven Fleet Capital Management LP acquired a new position in shares of Promis Neurosciences in the first quarter valued at about $135,000. Janus Henderson Group PLC bought a new position in Promis Neurosciences during the first quarter worth about $16,418,000. ADAR1 Capital Management LLC bought a new position in Promis Neurosciences during the first quarter worth about $1,211,000. Finally, Citadel Advisors LLC raised its stake in Promis Neurosciences by 168.1% in the 3rd quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock worth $72,000 after purchasing an additional 106,650 shares in the last quarter. Institutional investors own 50.13% of the company’s stock.

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.