Promis Neurosciences (NASDAQ:PMN) Stock Rating Upgraded by Chardan Capital

Promis Neurosciences (NASDAQ:PMN) was upgraded by research analysts at Chardan Capital to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other research firms have also weighed in on PMN. Guggenheim reiterated a “buy” rating on shares of Promis Neurosciences in a report on Tuesday. Brookline Capital Markets upgraded Promis Neurosciences to a “strong-buy” rating in a report on Wednesday, May 20th. Cantor Fitzgerald began coverage on Promis Neurosciences in a research report on Tuesday, June 30th. They set an “overweight” rating for the company. HC Wainwright reiterated a “buy” rating on shares of Promis Neurosciences in a report on Wednesday, July 15th. Finally, Roth Capital started coverage on Promis Neurosciences in a research report on Tuesday, July 7th. They issued a “buy” rating and a $19.00 price objective on the stock. Three investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $23.00.

Promis Neurosciences Stock Up 23.9%

NASDAQ:PMN opened at $14.52 on Monday. The company has a fifty day moving average of $11.74 and a 200 day moving average of $13.10. Promis Neurosciences has a 52 week low of $6.27 and a 52 week high of $27.40. The firm has a market capitalization of $130.22 million, a P/E ratio of -1.00 and a beta of -0.23.

Promis Neurosciences (NASDAQ:PMN) last announced its quarterly earnings results 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). As a group, analysts anticipate that Promis Neurosciences will post -5.13 EPS for the current year.

Institutional Investors Weigh In On Promis Neurosciences

A number of large investors have recently modified their holdings of PMN. Citadel Advisors LLC increased its position in shares of Promis Neurosciences by 168.1% during the third quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock valued at $72,000 after buying an additional 106,650 shares during the period. Seven Fleet Capital Management LP bought a new stake in Promis Neurosciences during the 1st quarter valued at approximately $135,000. ADAR1 Capital Management LLC bought a new stake in Promis Neurosciences during the 1st quarter valued at approximately $1,211,000. Armistice Capital LLC grew its holdings in shares of Promis Neurosciences by 39.1% during the 3rd 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 period. Finally, Yu Fan purchased a new position in shares of Promis Neurosciences during the 1st quarter worth approximately $4,188,000. Institutional investors own 50.13% of the company’s stock.

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.