Promis Neurosciences (NASDAQ:PMN) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Promis Neurosciences (NASDAQ:PMN) have been assigned an average rating of “Moderate Buy” from the four brokerages that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating and three have issued a buy rating on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $100.00.

PMN has been the subject of several analyst reports. Wall Street Zen cut shares of Promis Neurosciences to a “strong sell” rating in a research report on Saturday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Promis Neurosciences in a research note on Wednesday, October 8th. HC Wainwright reaffirmed a “buy” rating and set a $100.00 target price on shares of Promis Neurosciences in a report on Friday, November 21st. Finally, Guggenheim dropped their target price on shares of Promis Neurosciences from $150.00 to $125.00 and set a “buy” rating for the company in a research report on Tuesday, November 18th.

Institutional Investors Weigh In On Promis Neurosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ally Bridge Group NY LLC boosted its holdings in Promis Neurosciences by 367.1% during the third quarter. Ally Bridge Group NY LLC now owns 6,233,497 shares of the company’s stock worth $2,649,000 after buying an additional 4,899,069 shares during the last quarter. Armistice Capital LLC increased its stake in shares of 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 acquiring an additional 836,622 shares during the last quarter. Citadel Advisors LLC raised its position 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 valued at $72,000 after acquiring an additional 106,650 shares during the period. Finally, Allostery Investments LP boosted its stake in Promis Neurosciences by 19.8% during the 1st 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. Institutional investors own 50.13% of the company’s stock.

Promis Neurosciences Stock Down 9.7%

Shares of PMN opened at $6.54 on Friday. The stock’s fifty day simple moving average is $10.52 and its 200-day simple moving average is $12.52. The firm has a market capitalization of $14.05 million, a PE ratio of -0.34 and a beta of -0.22. Promis Neurosciences has a 12-month low of $6.27 and a 12-month high of $39.75.

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

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.