Promis Neurosciences (NASDAQ:PMN) Price Target Lowered to $35.00 at Guggenheim

Promis Neurosciences (NASDAQ:PMN) had its price target decreased by investment analysts at Guggenheim from $125.00 to $35.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s price target indicates a potential upside of 159.55% from the company’s current price.

A number of other equities analysts also recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and set a $18.00 price target (up previously from $4.00) on shares of Promis Neurosciences in a research note on Monday, December 1st. Wall Street Zen cut Promis Neurosciences to a “strong sell” rating in a report on Saturday, November 29th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Promis Neurosciences in a research note on Thursday, January 22nd. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $42.67.

Promis Neurosciences Stock Performance

NASDAQ PMN traded up $0.39 during mid-day trading on Friday, reaching $13.49. 7,635 shares of the stock were exchanged, compared to its average volume of 354,546. The stock has a market capitalization of $28.99 million, a PE ratio of -0.71 and a beta of -0.08. Promis Neurosciences has a 1-year low of $6.27 and a 1-year high of $39.75. The business’s fifty day simple moving average is $8.95 and its 200 day simple moving average is $11.47.

Promis Neurosciences (NASDAQ:PMN) last released its earnings results on Wednesday, November 12th. The company reported ($6.00) earnings per share for the quarter, missing the consensus estimate of ($3.75) by ($2.25). On average, analysts anticipate that Promis Neurosciences will post -0.24 EPS for the current year.

Insider Activity

In other news, major shareholder Abg Management Ltd. bought 700,741 shares of Promis Neurosciences stock in a transaction dated Tuesday, February 3rd. The shares were acquired at an average cost of $12.13 per share, with a total value of $8,499,988.33. Following the completion of the transaction, the insider owned 943,090 shares in the company, valued at approximately $11,439,681.70. This trade represents a 289.15% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Promis Neurosciences

Several hedge funds and other institutional investors have recently modified their holdings of PMN. Armistice Capital LLC lifted its position in shares of Promis Neurosciences by 39.1% in the 3rd 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. Citadel Advisors LLC raised its stake in Promis Neurosciences by 168.1% during the third quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock worth $72,000 after acquiring an additional 106,650 shares during the period. Finally, Ally Bridge Group NY LLC lifted its holdings 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 last quarter. 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.