Promis Neurosciences (NASDAQ:PMN) Receives $31.50 Consensus Target Price from Analysts

Shares of Promis Neurosciences (NASDAQ:PMN) have earned an average recommendation of “Moderate Buy” from the eight analysts that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and two have given a strong buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $31.50.

Several research firms have weighed in on PMN. Brookline Capital Markets upgraded shares of Promis Neurosciences to a “strong-buy” rating in a research note on Wednesday, May 20th. Wall Street Zen upgraded shares of Promis Neurosciences from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 18th. Cantor Fitzgerald began coverage on shares of Promis Neurosciences in a report on Tuesday, June 30th. They issued an “overweight” rating for the company. HC Wainwright reaffirmed a “buy” rating on shares of Promis Neurosciences in a research report on Wednesday, July 15th. Finally, Guggenheim reiterated a “buy” rating and set a $69.00 price objective (up from $35.00) on shares of Promis Neurosciences in a research note on Tuesday, July 28th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Citadel Advisors LLC raised 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 worth $72,000 after buying an additional 106,650 shares in the last quarter. Seven Fleet Capital Management LP purchased a new stake in shares of Promis Neurosciences during the first quarter valued at $135,000. ADAR1 Capital Management LLC acquired a new position in shares of Promis Neurosciences in the first quarter worth about $1,211,000. Armistice Capital LLC boosted its stake in 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 purchasing an additional 836,622 shares during the period. Finally, Yu Fan purchased a new position in shares of Promis Neurosciences during the first quarter valued at $4,188,000. Institutional investors own 50.13% of the company’s stock.

Promis Neurosciences Price Performance

Shares of Promis Neurosciences stock opened at $14.97 on Friday. Promis Neurosciences has a 1-year low of $6.27 and a 1-year high of $27.40. The company has a market capitalization of $134.28 million, a PE ratio of -1.03 and a beta of -0.23. The business has a 50-day moving average of $12.44 and a 200-day moving average of $13.52.

Promis Neurosciences (NASDAQ:PMN) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($1.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.20). On average, equities analysts expect that Promis Neurosciences will post -5.08 earnings per share for the current fiscal year.

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.