Promis Neurosciences (NASDAQ:PMN) Coverage Initiated at Chardan Capital

Chardan Capital assumed coverage on shares of Promis Neurosciences (NASDAQ:PMN) in a report issued on Monday, MarketBeat reports. The brokerage set a “buy” rating and a $20.00 price target on the stock. Chardan Capital’s target price points to a potential upside of 37.74% from the company’s previous close.

A number of other analysts also recently weighed in on the stock. Weiss Ratings downgraded shares of Promis Neurosciences from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 11th. HC Wainwright reissued a “buy” rating on shares of Promis Neurosciences in a research note on Wednesday, July 15th. Wall Street Zen raised shares of Promis Neurosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 18th. Zacks Research upgraded shares of Promis Neurosciences to a “hold” rating in a report on Tuesday, June 9th. Finally, Cantor Fitzgerald assumed coverage on shares of Promis Neurosciences in a report on Tuesday, June 30th. They set an “overweight” rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.00.

Promis Neurosciences Price Performance

Shares of PMN opened at $14.52 on Monday. The company has a 50-day simple moving average of $11.74 and a two-hundred day simple moving average of $13.10. The firm has a market capitalization of $130.22 million, a PE ratio of -1.00 and a beta of -0.23. Promis Neurosciences has a one year low of $6.27 and a one year high of $27.40.

Promis Neurosciences (NASDAQ:PMN) last announced its earnings results on Tuesday, May 12th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.06) by ($0.20). Analysts expect that Promis Neurosciences will post -5.13 EPS for the current fiscal year.

Hedge Funds Weigh In On Promis Neurosciences

A number of hedge funds have recently bought and sold shares of the company. Citadel Advisors LLC grew its position in Promis Neurosciences by 168.1% during 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 during the last quarter. Seven Fleet Capital Management LP purchased a new position in Promis Neurosciences in the first quarter worth about $135,000. ADAR1 Capital Management LLC bought a new position in shares of Promis Neurosciences in the first quarter worth approximately $1,211,000. Armistice Capital LLC grew 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 valued at $1,264,000 after buying an additional 836,622 shares during the last quarter. Finally, Yu Fan bought a new stake in shares of Promis Neurosciences during the first quarter valued at approximately $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.