Promis Neurosciences (NASDAQ:PMN) Receives Consensus Rating of “Moderate Buy” from Analysts

Promis Neurosciences (NASDAQ:PMN) has been given a consensus rating of “Moderate Buy” by the five research firms that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $26.50.

A number of research firms have recently commented on PMN. Brookline Capital Markets upgraded Promis Neurosciences to a “strong-buy” rating in a research note on Wednesday, May 20th. HC Wainwright reiterated a “buy” rating and set a $18.00 target price on shares of Promis Neurosciences in a research note on Monday, June 8th. Zacks Research upgraded Promis Neurosciences to a “hold” rating in a research note on Tuesday, June 9th. Weiss Ratings cut Promis Neurosciences from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 11th. Finally, Wall Street Zen upgraded Promis Neurosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday.

Insider Activity at Promis Neurosciences

In other Promis Neurosciences news, Director Patrick D. Kirwin bought 4,000 shares of the stock in a transaction dated Wednesday, April 22nd. The shares were bought at an average cost of $11.33 per share, for a total transaction of $45,320.00. Following the purchase, the director directly owned 4,653 shares of the company’s stock, valued at approximately $52,718.49. This trade represents a 612.56% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Promis Neurosciences

A number of hedge funds have recently made changes to their positions in the business. Ally Bridge Group NY LLC raised its stake in shares of Promis Neurosciences by 367.1% during the 3rd quarter. Ally Bridge Group NY LLC now owns 6,233,497 shares of the company’s stock worth $2,649,000 after purchasing an additional 4,899,069 shares during the period. Armistice Capital LLC raised its stake in Promis Neurosciences by 39.1% in the 3rd 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. Janus Henderson Group PLC bought a new stake in Promis Neurosciences in the 1st quarter valued at about $16,418,000. Yu Fan bought a new stake in Promis Neurosciences in the 1st quarter valued at about $4,188,000. 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 valued at $72,000 after acquiring an additional 106,650 shares during the period. 50.13% of the stock is currently owned by institutional investors.

Promis Neurosciences Trading Up 1.3%

Shares of NASDAQ:PMN opened at $10.68 on Thursday. The stock’s fifty day simple moving average is $10.73 and its two-hundred day simple moving average is $12.19. Promis Neurosciences has a 1-year low of $6.27 and a 1-year high of $39.75. The stock has a market cap of $95.80 million, a PE ratio of -0.74 and a beta of -0.19.

Promis Neurosciences (NASDAQ:PMN) last issued 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, sell-side analysts forecast that Promis Neurosciences will post -4.57 earnings per share for the current fiscal year.

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.