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

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

PMN has been the topic of several other research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Promis Neurosciences in a report on Thursday, January 22nd. Guggenheim cut their price objective on shares of Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Finally, HC Wainwright restated a “buy” rating and issued a $18.00 target price (up previously from $4.00) on shares of Promis Neurosciences in a report on Monday, December 1st. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $42.67.

Promis Neurosciences Trading Up 1.9%

PMN opened at $15.25 on Friday. The firm has a market cap of $32.82 million, a P/E ratio of -0.80 and a beta of -0.08. Promis Neurosciences has a 12 month low of $6.27 and a 12 month high of $39.75. The stock has a 50-day moving average of $9.77 and a 200 day moving average of $11.08.

Promis Neurosciences (NASDAQ:PMN) last issued its quarterly earnings data 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, research analysts forecast that Promis Neurosciences will post -0.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Abg Management Ltd. purchased 700,741 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The shares were purchased at an average cost of $12.13 per share, for a total transaction of $8,499,988.33. Following the completion of the acquisition, the insider owned 943,090 shares in the company, valued at approximately $11,439,681.70. This trade represents a 289.15% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 3.80% of the stock is currently owned by insiders.

Institutional Trading of Promis Neurosciences

Large investors have recently modified their holdings of the company. Citadel Advisors LLC grew its holdings 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 acquiring an additional 106,650 shares in the last quarter. Armistice Capital LLC raised its stake in Promis Neurosciences by 39.1% in the third quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock worth $1,264,000 after buying an additional 836,622 shares in the last quarter. Finally, Ally Bridge Group NY LLC lifted 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 period. Hedge funds and other institutional investors own 50.13% of the company’s stock.

About Promis Neurosciences

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.