Promis Neurosciences (NASDAQ:PMN) Upgraded at Brookline Capital Markets

Promis Neurosciences (NASDAQ:PMN) was upgraded by analysts at Brookline Capital Markets to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

A number of other research analysts have also commented on PMN. Guggenheim cut their price objective on shares of Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating for the company in a research report on Friday, February 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Promis Neurosciences in a research report on Thursday, January 22nd. Finally, Wall Street Zen lowered shares of Promis Neurosciences to a “strong sell” rating in a research report on Saturday, February 14th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $26.50.

Promis Neurosciences Stock Performance

Shares of PMN opened at $10.60 on Wednesday. The company has a 50-day simple moving average of $13.22 and a 200-day simple moving average of $11.99. The firm has a market capitalization of $95.08 million, a P/E ratio of -0.73 and a beta of -0.20. Promis Neurosciences has a 52 week low of $6.27 and a 52 week high of $39.75.

Promis Neurosciences (NASDAQ:PMN) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($1.26) EPS for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.20).

Insider Transactions at Promis Neurosciences

In other Promis Neurosciences news, Director Eugene Williams bought 2,000 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were acquired at an average price of $24.00 per share, with a total value of $48,000.00. Following the completion of the purchase, the director directly owned 12,397 shares in the company, valued at $297,528. The trade was a 19.24% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Patrick D. Kirwin bought 4,000 shares of the stock in a transaction that occurred on Wednesday, April 22nd. The stock was acquired at an average cost 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 $52,718.49. This trade represents a 612.56% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders purchased 7,000 shares of company stock worth $115,850. 1.50% of the stock is currently owned by insiders.

Institutional Trading of Promis Neurosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PMN. Ally Bridge Group NY LLC increased its stake 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 during the period. Citadel Advisors LLC increased its stake 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 during the period. Armistice Capital LLC grew its stake in Promis Neurosciences by 39.1% during the third quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock worth $1,264,000 after buying an additional 836,622 shares during the last quarter. ADAR1 Capital Management LLC bought a new stake in Promis Neurosciences during the first quarter worth about $1,211,000. Finally, Yu Fan bought a new stake in Promis Neurosciences during the first quarter worth about $4,188,000. 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.