Promis Neurosciences (NASDAQ:PMN) Stock Has Average Price Target of $34.00

Promis Neurosciences (NASDAQ:PMN) has been given a consensus rating of “Moderate Buy” by the eight ratings firms that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $34.00.

A number of equities research analysts recently weighed in on PMN shares. Zacks Research raised shares of Promis Neurosciences to a “hold” rating in a research note on Tuesday, June 9th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Promis Neurosciences in a report on Tuesday, September 8th. Chardan Capital set a $20.00 target price on shares of Promis Neurosciences and gave the company a “buy” rating in a research report on Monday, July 27th. Cantor Fitzgerald assumed coverage on shares of Promis Neurosciences in a research report on Tuesday, June 30th. They set an “overweight” rating for the company. Finally, Guggenheim reissued a “buy” rating and issued a $69.00 price target (up from $35.00) on shares of Promis Neurosciences in a research note on Tuesday, July 28th.

Promis Neurosciences Stock Down 5.5%

Promis Neurosciences stock opened at $10.65 on Friday. The business’s 50-day simple moving average is $13.68 and its 200 day simple moving average is $12.82. The stock has a market cap of $95.53 million, a price-to-earnings ratio of -1.25 and a beta of -0.24. Promis Neurosciences has a 12-month low of $6.27 and a 12-month high of $27.40.

Promis Neurosciences (NASDAQ:PMN) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($1.28) earnings per share for the quarter, topping the consensus estimate of ($1.38) by $0.10. As a group, sell-side analysts expect that Promis Neurosciences will post -5.29 EPS for the current year.

Institutional Investors Weigh In On Promis Neurosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PMN. Seven Fleet Capital Management LP bought a new stake in shares of Promis Neurosciences in the 1st quarter valued at about $135,000. ADAR1 Capital Management LLC bought a new position in Promis Neurosciences during the 1st quarter worth approximately $1,211,000. Ally Bridge Group NY LLC grew its holdings in Promis Neurosciences by 66.1% during the first quarter. Ally Bridge Group NY LLC now owns 414,219 shares of the company’s stock valued at $5,261,000 after purchasing an additional 164,880 shares during the period. Yu Fan acquired a new position in Promis Neurosciences during the first quarter valued at approximately $4,188,000. Finally, Janus Henderson Group PLC bought a new stake in Promis Neurosciences in the first quarter valued at approximately $16,418,000. Institutional investors own 50.13% of the company’s stock.

Promis Neurosciences Company Profile

ProMIS Neurosciences Inc is a biotechnology company focused on developing therapeutics for neurodegenerative diseases. The company uses its Misfolded Protein Targeting platform to identify toxic forms of proteins associated with disease while aiming to avoid binding to their normal, healthy counterparts.

ProMIS’s lead program is PMN310, an investigational antibody designed to selectively target toxic amyloid-beta oligomers implicated in Alzheimer’s disease. The company is also researching antibody-based approaches for other neurodegenerative conditions, including diseases associated with misfolded TDP-43 proteins, such as amyotrophic lateral sclerosis and frontotemporal dementia.

Headquartered in Toronto, Canada, ProMIS conducts research and clinical development activities in the biotechnology and neuroscience sectors, with its programs intended for potential global use.