Promis Neurosciences’ (PMN) “Buy” Rating Reaffirmed at HC Wainwright

Promis Neurosciences (NASDAQ:PMN)‘s stock had its “buy” rating reissued by equities researchers at HC Wainwright in a report issued on Monday,Benzinga reports. They currently have a $18.00 price objective on the stock. HC Wainwright’s target price points to a potential upside of 81.27% from the stock’s previous close.

Several other analysts also recently weighed in on PMN. Brookline Capital Markets raised Promis Neurosciences to a “strong-buy” rating in a research note on Wednesday, May 20th. Wall Street Zen raised Promis Neurosciences from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 31st. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $26.50.

Promis Neurosciences Stock Up 8.8%

Promis Neurosciences stock traded up $0.80 during mid-day trading on Monday, hitting $9.93. 9,606 shares of the company’s stock traded hands, compared to its average volume of 113,680. The firm has a 50 day moving average price of $11.24 and a 200 day moving average price of $12.03. The company has a market cap of $89.07 million, a PE ratio of -0.68 and a beta of -0.19. Promis Neurosciences has a one year low of $6.27 and a one year high of $39.75.

Promis Neurosciences (NASDAQ:PMN) last announced its earnings results 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).

Insider Activity at Promis Neurosciences

In related news, Director Patrick D. Kirwin acquired 4,000 shares of Promis Neurosciences stock in a transaction dated Wednesday, April 22nd. The stock was acquired at an average cost of $11.33 per share, with a total value of $45,320.00. Following the purchase, the director directly owned 4,653 shares in the company, valued at $52,718.49. The trade was a 612.56% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Promis Neurosciences

Hedge funds have recently modified their holdings of the stock. Ally Bridge Group NY LLC lifted its holdings in shares of 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 valued at $2,649,000 after purchasing an additional 4,899,069 shares during the last quarter. Armistice Capital LLC lifted its holdings in shares of Promis Neurosciences by 39.1% during the third quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock valued at $1,264,000 after purchasing an additional 836,622 shares during the last quarter. Citadel Advisors LLC lifted its holdings in shares of Promis Neurosciences by 168.1% during the third quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock valued at $72,000 after purchasing an additional 106,650 shares during the last quarter. Seven Fleet Capital Management LP purchased a new stake in shares of Promis Neurosciences during the first quarter valued at $135,000. Finally, Janus Henderson Group PLC purchased a new stake in shares of Promis Neurosciences during the first quarter valued at $16,418,000. 50.13% of the stock is owned by hedge funds and other institutional investors.

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.