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

Shares of Promis Neurosciences (NASDAQ:PMN) have earned a consensus recommendation of “Moderate Buy” from the four research firms that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation and three have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $72.6667.

Several brokerages have recently weighed in on PMN. Wall Street Zen cut shares of Promis Neurosciences to a “strong sell” rating in a research report on Saturday, November 29th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Promis Neurosciences in a report on Wednesday, October 8th. HC Wainwright reissued a “buy” rating and set a $18.00 price objective (up from $4.00) on shares of Promis Neurosciences in a report on Monday, December 1st. Finally, Guggenheim reduced their target price on Promis Neurosciences from $150.00 to $125.00 and set a “buy” rating for the company in a research note on Tuesday, November 18th.

Promis Neurosciences Trading Up 1.0%

Shares of PMN stock opened at $8.23 on Monday. Promis Neurosciences has a twelve month low of $6.27 and a twelve month high of $39.75. The stock has a fifty day simple moving average of $8.32 and a two-hundred day simple moving average of $11.43. The stock has a market capitalization of $17.69 million, a price-to-earnings ratio of -0.43 and a beta of -0.10.

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

Institutional Trading of Promis Neurosciences

Several large investors have recently made changes to their positions in PMN. Armistice Capital LLC raised its holdings in shares of Promis Neurosciences by 39.1% during the third 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. Citadel Advisors LLC grew its position in Promis Neurosciences by 168.1% during 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 period. Finally, Ally Bridge Group NY LLC grew its position 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 worth $2,649,000 after purchasing an additional 4,899,069 shares during the period. 50.13% of the stock is owned by hedge funds and other institutional investors.

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.