Promis Neurosciences (NASDAQ:PMN) Stock Rated “Moderate Buy” by Sell-Side Brokerages

Promis Neurosciences (NASDAQ:PMN) has earned a consensus recommendation of “Moderate Buy” from the eight analysts that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and two have given a strong buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $34.00.

A number of research analysts recently issued reports on PMN shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Promis Neurosciences in a research note on Tuesday, September 8th. Zacks Research raised Promis Neurosciences to a “hold” rating in a research report on Tuesday, June 9th. Wall Street Zen raised Promis Neurosciences from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 18th. Chardan Capital set a $20.00 target price on Promis Neurosciences and gave the company a “buy” rating in a report on Monday, July 27th. Finally, Roth Capital set a $29.00 price target on Promis Neurosciences in a report on Friday, August 21st.

Promis Neurosciences Stock Up 0.2%

Shares of PMN opened at $9.40 on Friday. The firm has a market cap of $84.32 million, a price-to-earnings ratio of -1.10 and a beta of -0.26. The company’s fifty day moving average is $13.42 and its 200-day moving average is $12.60. Promis Neurosciences has a 12 month low of $6.27 and a 12 month high of $27.40.

Promis Neurosciences (NASDAQ:PMN) last posted its earnings results on Thursday, August 13th. The company reported ($1.28) earnings per share for the quarter, beating the consensus estimate of ($1.38) by $0.10. As a group, research analysts predict that Promis Neurosciences will post -5.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

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

About Promis Neurosciences

ProMIS Neurosciences Inc is a biotechnology company focused on developing therapeutics for neurodegenerative diseases. The company uses its Misfolded Protein Targeting platform to identify toxic forms of proteins associated with disease while aiming to avoid binding to their normal, healthy counterparts.

ProMIS’s lead program is PMN310, an investigational antibody designed to selectively target toxic amyloid-beta oligomers implicated in Alzheimer’s disease. The company is also researching antibody-based approaches for other neurodegenerative conditions, including diseases associated with misfolded TDP-43 proteins, such as amyotrophic lateral sclerosis and frontotemporal dementia.

Headquartered in Toronto, Canada, ProMIS conducts research and clinical development activities in the biotechnology and neuroscience sectors, with its programs intended for potential global use.