Guggenheim Has Lowered Expectations for Promis Neurosciences (NASDAQ:PMN) Stock Price

Promis Neurosciences (NASDAQ:PMN) had its target price reduced by equities research analysts at Guggenheim from $125.00 to $35.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s price objective would suggest a potential upside of 174.94% from the stock’s current price.

A number of other research analysts also recently commented on PMN. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Promis Neurosciences in a research report on Thursday, January 22nd. Wall Street Zen downgraded shares of Promis Neurosciences to a “strong sell” rating in a research note on Saturday, November 29th. Finally, HC Wainwright reiterated a “buy” rating and set a $18.00 target price (up previously from $4.00) on shares of Promis Neurosciences in a research report on Monday, December 1st. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.67.

Promis Neurosciences Stock Performance

Shares of NASDAQ PMN opened at $12.73 on Friday. The stock’s 50-day simple moving average is $9.07 and its 200-day simple moving average is $11.30. The firm has a market capitalization of $27.39 million, a PE ratio of -0.67 and a beta of -0.08. Promis Neurosciences has a fifty-two week low of $6.27 and a fifty-two week high of $39.75.

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

Insider Transactions at Promis Neurosciences

In related news, major shareholder Abg Management Ltd. acquired 700,741 shares of Promis Neurosciences stock in a transaction on Tuesday, February 3rd. The stock was purchased at an average cost of $12.13 per share, with a total value of $8,499,988.33. Following the purchase, the insider directly owned 943,090 shares in the company, valued at approximately $11,439,681.70. The trade was a 289.15% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PMN. Citadel Advisors LLC boosted its holdings in 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 purchasing an additional 106,650 shares in the last quarter. Armistice Capital LLC lifted its holdings 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 buying an additional 836,622 shares during the period. Finally, Ally Bridge Group NY LLC boosted its stake in shares of Promis Neurosciences by 367.1% in the third 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.

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.