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

Shares of Promis Neurosciences (NASDAQ:PMN) have received a consensus recommendation of “Moderate Buy” from the five ratings firms that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $26.50.

A number of brokerages have weighed in on PMN. Wall Street Zen raised shares of Promis Neurosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 20th. Weiss Ratings lowered shares of Promis Neurosciences from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 11th. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 price target on shares of Promis Neurosciences in a research note on Wednesday. Brookline Capital Markets raised shares of Promis Neurosciences to a “strong-buy” rating in a research note on Wednesday, May 20th. Finally, Zacks Research raised shares of Promis Neurosciences to a “hold” rating in a research note on Tuesday, June 9th.

Promis Neurosciences Stock Performance

Shares of NASDAQ PMN opened at $10.24 on Thursday. The stock has a market cap of $91.85 million, a P/E ratio of -0.71 and a beta of -0.19. The firm has a 50 day moving average price of $10.64 and a 200 day moving average price of $12.23. Promis Neurosciences has a 52-week low of $6.27 and a 52-week high of $39.75.

Promis Neurosciences (NASDAQ:PMN) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.20). Analysts predict that Promis Neurosciences will post -4.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Patrick D. Kirwin purchased 4,000 shares of the business’s stock in a transaction on Wednesday, April 22nd. The shares were purchased at an average price of $11.33 per share, with a total value of $45,320.00. Following the completion of the purchase, the director owned 4,653 shares in the company, valued at $52,718.49. This represents a 612.56% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Seven Fleet Capital Management LP bought a new position in Promis Neurosciences in the first quarter valued at approximately $135,000. ADAR1 Capital Management LLC bought a new stake in shares of Promis Neurosciences in the first quarter worth $1,211,000. Citadel Advisors LLC lifted 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 worth $72,000 after purchasing an additional 106,650 shares in the last quarter. Ally Bridge Group NY LLC lifted its position in shares of Promis Neurosciences by 66.1% in the first quarter. Ally Bridge Group NY LLC now owns 414,219 shares of the company’s stock worth $5,261,000 after purchasing an additional 164,880 shares in the last quarter. Finally, Yu Fan bought a new stake in shares of Promis Neurosciences in the first quarter worth $4,188,000. 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.