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

Shares of Promis Neurosciences (NASDAQ:PMN) have been assigned a consensus rating of “Moderate Buy” from the four brokerages that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $42.6667.

Several research firms recently weighed in on PMN. Wall Street Zen lowered shares of Promis Neurosciences to a “strong sell” rating in a research report on Saturday, February 14th. Weiss Ratings reissued a “sell (e+)” rating on shares of Promis Neurosciences in a research report on Thursday, January 22nd. Finally, Guggenheim decreased their price target on shares of Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, February 6th.

Insiders Place Their Bets

In other news, major shareholder Abg Management Ltd. acquired 700,741 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was bought 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 in the company, valued at $11,439,681.70. The trade was a 289.15% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Johanne Kaplan acquired 1,629 shares of the stock in a transaction that occurred on Thursday, February 19th. The stock was purchased at an average price of $15.35 per share, for a total transaction of $25,005.15. Following the completion of the purchase, the insider directly owned 3,941 shares in the company, valued at $60,494.35. This trade represents a 70.46% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 705,370 shares of company stock valued at $8,595,523 over the last ninety days. 3.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Promis Neurosciences

Several large investors have recently modified their holdings of the business. Citadel Advisors LLC raised its position in shares of Promis Neurosciences by 168.1% in the third 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 during the period. Armistice Capital LLC boosted its holdings in Promis Neurosciences by 39.1% in the 3rd 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 during the period. Finally, Ally Bridge Group NY LLC grew its stake in Promis Neurosciences by 367.1% in the 3rd 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. Hedge funds and other institutional investors own 50.13% of the company’s stock.

Promis Neurosciences Stock Performance

Shares of Promis Neurosciences stock opened at $12.51 on Friday. The business’s fifty day simple moving average is $16.79 and its 200 day simple moving average is $12.04. The firm has a market capitalization of $26.92 million, a P/E ratio of -0.66 and a beta of -0.17. Promis Neurosciences has a 12 month low of $6.27 and a 12 month high of $39.75.

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.