Promis Neurosciences (NASDAQ:PMN) Stock Moved Up to Hold by Wall Street Zen

Promis Neurosciences (NASDAQ:PMN) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday, Wall Street Zen reports.

A number of other brokerages have also issued reports on PMN. HC Wainwright reiterated a “buy” rating on shares of Promis Neurosciences in a research report on Monday, October 12th. Roth Capital dropped their price target on shares of Promis Neurosciences to $15.00 and set a “buy” rating on the stock in a research report on Monday, November 2nd. Guggenheim reaffirmed a “buy” rating and issued a $69.00 price target (up from $35.00) on shares of Promis Neurosciences in a research note on Tuesday, July 28th. Chardan Capital set a $20.00 price target on shares of Promis Neurosciences and gave the stock a “buy” rating in a research note on Monday, July 27th. Finally, Weiss Ratings upgraded shares of Promis Neurosciences from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, November 2nd. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $30.50.

Promis Neurosciences Price Performance

NASDAQ:PMN opened at $3.29 on Friday. Promis Neurosciences has a 1 year low of $2.78 and a 1 year high of $27.40. The business has a fifty day moving average of $9.17 and a 200-day moving average of $12.61.

Promis Neurosciences (NASDAQ:PMN) last issued its quarterly earnings results on Thursday, November 12th. The company reported ($0.89) EPS for the quarter, beating analysts’ consensus estimates of ($1.28) by $0.39. Analysts forecast that Promis Neurosciences will post -5.07 earnings per share for the current year.

Insider Transactions at Promis Neurosciences

In other Promis Neurosciences news, Director Eugene Williams acquired 26,500 shares of Promis Neurosciences stock in a transaction dated Wednesday, November 4th. The stock was bought at an average price of $3.43 per share, for a total transaction of $90,895.00. Following the transaction, the director owned 40,213 shares in the company, valued at approximately $137,930.59. This trade represents a 193.25% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Neil Cashman acquired 10,000 shares of Promis Neurosciences stock in a transaction dated Monday, November 2nd. The shares were acquired at an average price of $3.86 per share, with a total value of $38,600.00. Following the transaction, the insider owned 14,532 shares in the company, valued at approximately $56,093.52. This represents a 220.65% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 37,816 shares of company stock valued at $134,746 over the last three months. 1.50% of the stock is owned by corporate insiders.

Institutional Trading of Promis Neurosciences

A number of large investors have recently added to or reduced their stakes in PMN. Ally Bridge Group NY LLC grew its position in Promis Neurosciences by 66.1% in the first quarter. Ally Bridge Group NY LLC now owns 414,219 shares of the company’s stock worth $5,261,000 after buying an additional 164,880 shares during the last quarter. Yu Fan bought a new position in shares of Promis Neurosciences in the first quarter valued at $4,188,000. Janus Henderson Group PLC bought a new position in shares of Promis Neurosciences in the first quarter valued at $16,418,000. ADAR1 Capital Management LLC acquired a new stake in shares of Promis Neurosciences during the 1st quarter valued at $1,211,000. Finally, Seven Fleet Capital Management LP acquired a new stake in shares of Promis Neurosciences during the 1st quarter valued at $135,000. 50.13% of the stock is currently owned by institutional investors.

About Promis Neurosciences

ProMIS Neurosciences Inc. is a clinical-stage biotechnology company developing antibody-based treatments for neurodegenerative diseases. Its research focuses on misfolded proteins that may contribute to these conditions. The company’s technology is designed to identify disease-associated forms of proteins while distinguishing them from their normally functioning counterparts. Its lead program, PMN310, is an antibody candidate targeting toxic amyloid-beta oligomers for the potential treatment of Alzheimer’s disease.