Promis Neurosciences (PMN) – What Are Researchers Thinking About This Stock?

Shares of Promis Neurosciences (NASDAQ:PMN) have been assigned an average recommendation of “Moderate Buy” from the eight research firms that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $30.50.

A number of research analysts have issued reports on PMN shares. Roth Capital reduced their target price on shares of Promis Neurosciences to $15.00 and set a “buy” rating for the company in a research note on Monday, November 2nd. Chardan Capital set a $20.00 price target on shares of Promis Neurosciences and gave the company a “buy” rating in a research note on Monday, July 27th. Wall Street Zen raised Promis Neurosciences from a “sell” rating to a “hold” rating in a report on Saturday. Guggenheim reaffirmed a “buy” rating and set a $69.00 price target (up from $35.00) on shares of Promis Neurosciences in a report on Tuesday, July 28th. Finally, Weiss Ratings upgraded Promis Neurosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, November 2nd.

Insider Activity at Promis Neurosciences

In other Promis Neurosciences news, insider Neil Cashman purchased 10,000 shares of Promis Neurosciences stock in a transaction on Monday, November 2nd. The stock was bought at an average price of $3.86 per share, for a total transaction of $38,600.00. Following the transaction, the insider owned 14,532 shares of the company’s stock, valued at $56,093.52. The trade was a 220.65% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Eugene Williams purchased 26,500 shares of the firm’s stock in a transaction dated Wednesday, November 4th. The stock was acquired at an average cost of $3.43 per share, with a total value of $90,895.00. Following the purchase, the director owned 40,213 shares of the company’s stock, valued at approximately $137,930.59. This represents a 193.25% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders purchased 37,816 shares of company stock worth $134,746. 1.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Promis Neurosciences

Hedge funds and other institutional investors have recently modified their holdings of the stock. Seven Fleet Capital Management LP acquired a new stake in Promis Neurosciences in the first quarter worth about $135,000. ADAR1 Capital Management LLC bought a new position in Promis Neurosciences in the 1st quarter valued at about $1,211,000. Yu Fan acquired a new position in Promis Neurosciences during the 1st quarter valued at about $4,188,000. Ally Bridge Group NY LLC increased its stake in Promis Neurosciences by 66.1% during the 1st quarter. Ally Bridge Group NY LLC now owns 414,219 shares of the company’s stock valued at $5,261,000 after buying an additional 164,880 shares during the period. Finally, Janus Henderson Group PLC acquired a new position in Promis Neurosciences during the 1st quarter valued at about $16,418,000. 50.13% of the stock is currently owned by institutional investors.

Promis Neurosciences Stock Performance

Shares of PMN traded down $0.19 during midday trading on Friday, hitting $3.29. 156,542 shares of the stock traded hands, compared to its average volume of 414,629. Promis Neurosciences has a 1-year low of $2.78 and a 1-year high of $27.40. The firm has a market capitalization of $29.51 million, a PE ratio of -0.39 and a beta of -0.19. The business’s 50 day moving average price is $9.17 and its two-hundred day moving average price is $12.61.

Promis Neurosciences (NASDAQ:PMN) last released its quarterly earnings results on Thursday, November 12th. The company reported ($0.89) EPS for the quarter, topping the consensus estimate of ($1.28) by $0.39. As a group, equities research analysts forecast that Promis Neurosciences will post -5.07 EPS for the current fiscal year.

Promis Neurosciences Company Profile

ProMIS Neurosciences Inc. is a clinical-stage biotechnology company developing antibody-based treatments for neurodegenerative diseases. Its research focuses on misfolded proteins that may contribute to these conditions. The company’s technology is designed to identify disease-associated forms of proteins while distinguishing them from their normally functioning counterparts. Its lead program, PMN310, is an antibody candidate targeting toxic amyloid-beta oligomers for the potential treatment of Alzheimer’s disease.