Promis Neurosciences (NASDAQ:PMN) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Promis Neurosciences (NASDAQ:PMN) has been assigned a consensus recommendation of “Moderate Buy” from the four brokerages that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating and three have given a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $42.6667.

Several equities research analysts have issued reports on the company. HC Wainwright reaffirmed a “buy” rating and set a $18.00 price target (up from $4.00) on shares of Promis Neurosciences in a report on Monday, December 1st. Guggenheim decreased their price objective on shares of Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, February 6th. Weiss Ratings reissued a “sell (e+)” rating on shares of Promis Neurosciences in a research report on Thursday, January 22nd. Finally, Wall Street Zen downgraded shares of Promis Neurosciences to a “strong sell” rating in a report on Saturday, February 14th.

Insider Buying and Selling at Promis Neurosciences

In related news, Director Eugene Williams acquired 2,000 shares of the business’s stock in a transaction on Wednesday, March 4th. The stock was purchased at an average cost of $24.00 per share, for a total transaction of $48,000.00. Following the completion of the transaction, the director directly owned 12,397 shares of the company’s stock, valued at approximately $297,528. The trade was a 19.24% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Abg Management Ltd. acquired 700,741 shares of Promis Neurosciences stock in a transaction dated Tuesday, February 3rd. The shares were purchased at an average price of $12.13 per share, with a total value of $8,499,988.33. Following the acquisition, the insider owned 943,090 shares of the company’s stock, valued at approximately $11,439,681.70. This trade represents a 289.15% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 705,370 shares of company stock valued at $8,595,523 in the last three months. 3.80% of the stock is currently owned by company insiders.

Institutional Trading of Promis Neurosciences

Institutional investors have recently added to or reduced their stakes in the company. Citadel Advisors LLC grew 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 buying an additional 106,650 shares in the last quarter. Armistice Capital LLC lifted 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 buying an additional 836,622 shares in the last quarter. Finally, Ally Bridge Group NY LLC boosted its position 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 acquiring an additional 4,899,069 shares during the period. 50.13% of the stock is currently owned by institutional investors.

Promis Neurosciences Trading Up 1.6%

Shares of NASDAQ PMN opened at $23.77 on Tuesday. The company has a market capitalization of $51.11 million, a P/E ratio of -1.25 and a beta of -0.23. 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 $13.50 and a 200-day moving average of $11.42.

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.