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

Chardan Capital initiated coverage on shares of Promis Neurosciences (NASDAQ:PMN) in a research report sent to investors on Monday, Marketbeat reports. The firm issued a buy rating and a $20.00 target price on the stock.

A number of other research analysts have also recently weighed in on the company. Zacks Research upgraded Promis Neurosciences to a “hold” rating in a report on Tuesday, June 9th. Brookline Capital Markets upgraded Promis Neurosciences to a “strong-buy” rating in a research note on Wednesday, May 20th. Cantor Fitzgerald started coverage on Promis Neurosciences in a research note on Tuesday, June 30th. They issued an “overweight” rating on the stock. Wall Street Zen upgraded Promis Neurosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, July 18th. Finally, HC Wainwright reissued a “buy” rating on shares of Promis Neurosciences in a research report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Promis Neurosciences has an average rating of “Moderate Buy” and a consensus target price of $23.00.

Promis Neurosciences Stock Up 23.9%

NASDAQ:PMN opened at $14.52 on Monday. The company has a market cap of $130.22 million, a P/E ratio of -1.00 and a beta of -0.23. Promis Neurosciences has a fifty-two week low of $6.27 and a fifty-two week high of $27.40. The firm’s 50 day moving average is $11.74 and its two-hundred day moving average is $13.10.

Promis Neurosciences (NASDAQ:PMN) last announced its quarterly earnings data 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). Research analysts forecast that Promis Neurosciences will post -5.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Promis Neurosciences

Hedge funds have recently modified their holdings of the stock. Citadel Advisors LLC boosted 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 worth $72,000 after acquiring an additional 106,650 shares during the period. Armistice Capital LLC grew its holdings in Promis Neurosciences by 39.1% during the 3rd quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock valued at $1,264,000 after purchasing an additional 836,622 shares in the last quarter. ADAR1 Capital Management LLC purchased a new stake in Promis Neurosciences during the 1st quarter worth $1,211,000. Yu Fan acquired a new position in Promis Neurosciences in the 1st quarter worth $4,188,000. Finally, Ally Bridge Group NY LLC boosted its position in Promis Neurosciences by 66.1% in the 1st quarter. Ally Bridge Group NY LLC now owns 414,219 shares of the company’s stock valued at $5,261,000 after buying an additional 164,880 shares during the last quarter. 50.13% of the stock is currently owned by hedge funds and other institutional investors.

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.