Promis Neurosciences (NASDAQ:PMN) Stock Has Average Price Target of $34.00

Promis Neurosciences (NASDAQ:PMN) has been given an average rating of “Moderate Buy” by the eight research firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, four have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $34.00.

PMN has been the topic of several recent analyst reports. Chardan Capital set a $20.00 price target on Promis Neurosciences and gave the company a “buy” rating in a report on Monday, July 27th. Guggenheim reiterated a “buy” rating and set a $69.00 price target (up from $35.00) on shares of Promis Neurosciences in a research report on Tuesday, July 28th. Weiss Ratings reissued a “sell (e+)” rating on shares of Promis Neurosciences in a report on Tuesday, September 8th. HC Wainwright reissued a “buy” rating on shares of Promis Neurosciences in a report on Monday, October 12th. Finally, 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.

Hedge Funds Weigh In On Promis Neurosciences

A number of institutional investors have recently made changes to their positions in PMN. Seven Fleet Capital Management LP bought a new stake in Promis Neurosciences during the first quarter worth about $135,000. Janus Henderson Group PLC bought a new position in shares of Promis Neurosciences during the 1st quarter valued at about $16,418,000. Ally Bridge Group NY LLC increased its position in shares of 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 purchasing an additional 164,880 shares during the last quarter. Yu Fan bought a new position in shares of Promis Neurosciences during the 1st quarter valued at about $4,188,000. Finally, ADAR1 Capital Management LLC purchased a new position in shares of Promis Neurosciences during the 1st quarter valued at about $1,211,000. Institutional investors own 50.13% of the company’s stock.

Promis Neurosciences Price Performance

PMN stock opened at $8.34 on Wednesday. The firm has a market capitalization of $74.81 million, a PE ratio of -0.98 and a beta of -0.26. Promis Neurosciences has a twelve month low of $6.27 and a twelve month high of $27.40. The stock has a 50-day simple moving average of $11.82 and a two-hundred day simple moving average of $11.88.

Promis Neurosciences (NASDAQ:PMN) last posted its earnings results on Thursday, August 13th. The company reported ($1.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.38) by $0.10. On average, equities research analysts anticipate that Promis Neurosciences will post -5.07 EPS for the current fiscal year.

Promis Neurosciences Company Profile

ProMIS Neurosciences Inc (NASDAQ: PMN) is a clinical-stage biotechnology company developing precision medicines for neurodegenerative diseases. The company’s research focuses on misfolded proteins, which can form toxic structures associated with conditions such as Alzheimer’s disease, amyotrophic lateral sclerosis and other neurological disorders.

ProMIS uses its proprietary target-discovery platform to identify disease-specific toxic protein conformations and develop antibodies intended to selectively bind and neutralize them while avoiding healthy forms of the same proteins.