Promis Neurosciences (NASDAQ:PMN) Given Average Rating of “Moderate Buy” by Brokerages

Promis Neurosciences (NASDAQ:PMN) has been given an average rating of “Moderate Buy” by the four analysts that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating and three have given a buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $42.6667.

PMN has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Promis Neurosciences in a research report on Thursday, January 22nd. Guggenheim decreased their price target on Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating for the company in a report on Friday, February 6th. HC Wainwright reiterated a “buy” rating and issued a $18.00 price objective (up previously from $4.00) on shares of Promis Neurosciences in a report on Monday, December 1st. Finally, Wall Street Zen cut Promis Neurosciences to a “strong sell” rating in a research note on Saturday, February 14th.

Insider Transactions at Promis Neurosciences

In other news, major shareholder Abg Management Ltd. acquired 700,741 shares of the company’s stock in a transaction on Tuesday, February 3rd. The shares were bought at an average price of $12.13 per share, with a total value of $8,499,988.33. Following the completion of the acquisition, the insider owned 943,090 shares in the company, valued at $11,439,681.70. This trade represents a 289.15% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 3.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Promis Neurosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PMN. Armistice Capital LLC grew its position 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 worth $1,264,000 after acquiring an additional 836,622 shares during the last quarter. Citadel Advisors LLC grew its position in Promis Neurosciences by 168.1% during the 3rd quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock worth $72,000 after purchasing an additional 106,650 shares during the last quarter. Finally, Ally Bridge Group NY LLC increased its stake 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 valued at $2,649,000 after purchasing 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 Stock Performance

Shares of Promis Neurosciences stock opened at $16.22 on Friday. Promis Neurosciences has a one year low of $6.27 and a one year high of $39.75. The business has a 50-day simple moving average of $10.37 and a 200-day simple moving average of $10.96. The company has a market cap of $34.86 million, a PE ratio of -0.85 and a beta of -0.08.

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.