Promis Neurosciences (NASDAQ:PMN) Upgraded by Roth Capital to “Strong-Buy” Rating

Roth Capital upgraded shares of Promis Neurosciences (NASDAQ:PMN) to a strong-buy rating in a report issued on Tuesday morning,Zacks.com reports.

Several other analysts also recently issued reports on PMN. Cantor Fitzgerald assumed coverage on Promis Neurosciences in a research note on Tuesday, June 30th. They issued an “overweight” rating for the company. Weiss Ratings downgraded Promis Neurosciences from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 11th. Brookline Capital Markets upgraded Promis Neurosciences to a “strong-buy” rating in a research report on Wednesday, May 20th. HC Wainwright reissued a “buy” rating and issued a $18.00 price target on shares of Promis Neurosciences in a research note on Wednesday, June 24th. Finally, Wall Street Zen raised Promis Neurosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 20th. 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 issued a Sell rating to the company. Based on data from MarketBeat, Promis Neurosciences has an average rating of “Moderate Buy” and a consensus target price of $24.00.

Promis Neurosciences Stock Up 1.7%

NASDAQ:PMN opened at $13.78 on Tuesday. Promis Neurosciences has a twelve month low of $6.27 and a twelve month high of $39.75. The firm has a market capitalization of $123.61 million, a price-to-earnings ratio of -0.95 and a beta of -0.23. The stock’s 50 day moving average price is $10.87 and its two-hundred day moving average price is $12.51.

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). As a group, analysts anticipate that Promis Neurosciences will post -5.19 earnings per share for the current year.

Insider Buying and Selling at Promis Neurosciences

In other Promis Neurosciences news, Director Patrick D. Kirwin bought 4,000 shares of Promis Neurosciences stock in a transaction dated Wednesday, April 22nd. The stock was bought at an average cost of $11.33 per share, with a total value of $45,320.00. Following the completion of the acquisition, the director directly owned 4,653 shares in the company, valued at approximately $52,718.49. The trade was a 612.56% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PMN. Citadel Advisors LLC increased its position in shares of Promis Neurosciences by 168.1% during the 3rd 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 bought a new position in Promis Neurosciences during the first quarter valued at about $135,000. ADAR1 Capital Management LLC bought a new position in Promis Neurosciences during the first quarter valued at about $1,211,000. Armistice Capital LLC increased its holdings 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. Finally, Ally Bridge Group NY LLC raised its position 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 worth $2,649,000 after acquiring an additional 4,899,069 shares during the period. Hedge funds and other institutional investors own 50.13% of the company’s stock.

Promis Neurosciences Company Profile

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.