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

Shares of Promis Neurosciences (NASDAQ:PMN) have been assigned a consensus recommendation of “Moderate Buy” from the four brokerages that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation and three have issued a buy recommendation on the company. The average 1 year target price among brokers that have covered the stock in the last year is $72.6667.

A number of research firms have recently issued reports on PMN. HC Wainwright reiterated a “buy” rating and issued a $18.00 target price (up previously from $4.00) on shares of Promis Neurosciences in a research note on Monday, December 1st. Wall Street Zen downgraded shares of Promis Neurosciences to a “strong sell” rating in a research report on Saturday, November 29th. Guggenheim dropped their price objective on shares of Promis Neurosciences from $150.00 to $125.00 and set a “buy” rating on the stock in a research note on Tuesday, November 18th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Promis Neurosciences in a research note on Thursday.

Promis Neurosciences Stock Up 1.9%

Shares of PMN stock opened at $9.43 on Monday. Promis Neurosciences has a fifty-two week low of $6.27 and a fifty-two week high of $39.75. The firm’s 50 day moving average price is $8.20 and its two-hundred day moving average price is $11.35. The stock has a market cap of $20.27 million, a price-to-earnings ratio of -0.50 and a beta of -0.10.

Promis Neurosciences (NASDAQ:PMN) last issued its earnings results on Wednesday, November 12th. The company reported ($6.00) EPS for the quarter, missing analysts’ consensus estimates of ($3.75) by ($2.25). On average, equities analysts forecast that Promis Neurosciences will post -0.24 EPS for the current fiscal year.

Institutional Investors Weigh In On Promis Neurosciences

Several large investors have recently added to or reduced their stakes in the stock. Citadel Advisors LLC increased its holdings in shares of Promis Neurosciences by 168.1% in the 3rd quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock worth $72,000 after acquiring an additional 106,650 shares during the period. Armistice Capital LLC grew its position 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 last quarter. Finally, Ally Bridge Group NY LLC grew its position in Promis Neurosciences by 367.1% in the 3rd quarter. Ally Bridge Group NY LLC now owns 6,233,497 shares of the company’s stock worth $2,649,000 after purchasing an additional 4,899,069 shares during the last quarter. 50.13% of the stock is owned by institutional investors and hedge funds.

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.