Promis Neurosciences (NASDAQ:PMN) Cut to “Strong Sell” at Wall Street Zen

Promis Neurosciences (NASDAQ:PMN) was downgraded by analysts at Wall Street Zen to a “strong sell” rating in a note issued to investors on Saturday.

PMN has been the topic of a number of other research reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Promis Neurosciences in a report on Wednesday, October 8th. Guggenheim lowered their price target on Promis Neurosciences from $150.00 to $125.00 and set a “buy” rating on the stock in a report on Tuesday, November 18th. Finally, HC Wainwright restated a “buy” rating and issued a $100.00 price objective on shares of Promis Neurosciences in a research note on Friday, November 21st. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $100.00.

Promis Neurosciences Stock Performance

Promis Neurosciences stock opened at $6.54 on Friday. Promis Neurosciences has a twelve month low of $6.27 and a twelve month high of $39.75. The firm has a market cap of $351.65 million, a PE ratio of -8.60 and a beta of -0.22. The firm’s 50 day moving average price is $10.52 and its two-hundred day moving average price is $12.52.

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

Institutional Investors Weigh In On Promis Neurosciences

Several hedge funds have recently modified their holdings of PMN. Allostery Investments LP grew its stake in shares of Promis Neurosciences by 19.8% in the first quarter. Allostery Investments LP now owns 233,703 shares of the company’s stock worth $165,000 after acquiring an additional 38,592 shares during the last quarter. Ally Bridge Group NY LLC raised its stake in 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 purchasing an additional 4,899,069 shares during the last quarter. Armistice Capital LLC boosted its holdings in Promis Neurosciences by 39.1% in the 3rd quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock valued at $1,264,000 after purchasing an additional 836,622 shares during the period. Finally, Citadel Advisors LLC grew its position in 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 purchasing an additional 106,650 shares during the last quarter. 50.13% of the stock is owned by institutional investors.

About Promis Neurosciences

ProMIS Neurosciences, Inc discovers and develops antibody therapies and therapeutic vaccines neurodegenerative diseases and other misfolded protein diseases in Canada. The company’s proprietary discovery platform comprises ProMIS and Collective Coordinates algorithms to predict novel targets known as disease specific epitopes on the molecular surface of misfolded proteins.