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

Shares of Promis Neurosciences (NASDAQ:PMN) have earned a consensus recommendation of “Moderate Buy” from the four research firms that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating and three have issued a buy rating on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $42.6667.

A number of equities research analysts have weighed in on the company. Guggenheim lowered their price target on Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Wall Street Zen downgraded Promis Neurosciences to a “strong sell” rating in a research report on Saturday, February 14th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Promis Neurosciences in a report on Thursday, January 22nd.

Promis Neurosciences Price Performance

Shares of Promis Neurosciences stock opened at $11.01 on Wednesday. Promis Neurosciences has a 1 year low of $6.27 and a 1 year high of $39.75. The firm has a market cap of $98.74 million, a PE ratio of -0.58 and a beta of -0.20. The company has a 50 day simple moving average of $15.84 and a two-hundred day simple moving average of $12.04.

Insider Transactions at Promis Neurosciences

In other news, insider Johanne Kaplan acquired 1,629 shares of the firm’s stock in a transaction that occurred on Thursday, February 19th. The shares were bought at an average cost of $15.35 per share, with a total value of $25,005.15. Following the acquisition, the insider owned 3,941 shares in the company, valued at approximately $60,494.35. This represents a 70.46% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Patrick D. Kirwin acquired 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 22nd. The shares were purchased at an average cost of $11.33 per share, for a total transaction of $45,320.00. Following the completion of the acquisition, the director owned 4,653 shares in the company, valued at $52,718.49. This represents a 612.56% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders purchased 709,370 shares of company stock valued at $8,640,843. 1.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Promis Neurosciences

A number of large investors have recently modified their holdings of the company. Citadel Advisors LLC raised its holdings 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 valued at $72,000 after buying an additional 106,650 shares in the last quarter. Armistice Capital LLC raised 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 valued at $1,264,000 after buying an additional 836,622 shares in the last quarter. Finally, Ally Bridge Group NY LLC raised its holdings in shares of Promis Neurosciences by 367.1% during the 3rd quarter. Ally Bridge Group NY LLC now owns 6,233,497 shares of the company’s stock valued at $2,649,000 after buying an additional 4,899,069 shares in the last quarter. 50.13% of the stock is owned by hedge funds and other institutional investors.

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.