Promis Neurosciences (NASDAQ:PMN) Stock Has Average Target Price of $34.00 According to Analysts

Shares of Promis Neurosciences (NASDAQ:PMN) have earned an average rating of “Moderate Buy” from the eight research firms that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $34.00.

Several analysts have issued reports on PMN shares. Roth Capital set a $29.00 target price on Promis Neurosciences in a research report on Friday, August 21st. Chardan Capital set a $20.00 price target on shares of Promis Neurosciences and gave the company a “buy” rating in a research report on Monday, July 27th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Promis Neurosciences in a research report on Tuesday, September 8th. Cantor Fitzgerald initiated coverage on Promis Neurosciences in a report on Tuesday, June 30th. They issued an “overweight” rating for the company. Finally, HC Wainwright reiterated a “buy” rating on shares of Promis Neurosciences in a research report on Monday, October 12th.

Promis Neurosciences Stock Performance

Shares of Promis Neurosciences stock opened at $8.34 on Wednesday. The stock’s 50-day simple moving average is $11.82 and its 200-day simple moving average is $11.87. Promis Neurosciences has a 52 week low of $6.27 and a 52 week high of $27.40.

Promis Neurosciences (NASDAQ:PMN) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($1.28) earnings per share for the quarter, topping the consensus estimate of ($1.38) by $0.10. Research analysts predict that Promis Neurosciences will post -5.07 EPS for the current fiscal year.

Hedge Funds Weigh In On Promis Neurosciences

Several institutional investors have recently bought and sold shares of the company. Seven Fleet Capital Management LP purchased a new stake in Promis Neurosciences during the 1st quarter worth approximately $135,000. Janus Henderson Group PLC purchased a new stake in shares of Promis Neurosciences during the first quarter worth $16,418,000. Ally Bridge Group NY LLC increased its position in shares of Promis Neurosciences by 66.1% during the first quarter. Ally Bridge Group NY LLC now owns 414,219 shares of the company’s stock worth $5,261,000 after acquiring an additional 164,880 shares during the period. Yu Fan acquired a new stake in shares of Promis Neurosciences in the first quarter valued at $4,188,000. Finally, ADAR1 Capital Management LLC acquired a new stake in shares of Promis Neurosciences in the first quarter valued at $1,211,000. 50.13% of the stock is owned by institutional investors and hedge funds.

About Promis Neurosciences

ProMIS Neurosciences Inc (NASDAQ: PMN) is a clinical-stage biotechnology company focused on developing antibody-based treatments for neurodegenerative diseases. The company uses its proprietary technology platform to identify disease-related misfolded proteins and selectively target toxic forms that may contribute to neuronal damage.

ProMIS’s lead investigational product is PMN310, an antibody designed to target toxic soluble amyloid-beta oligomers associated with Alzheimer’s disease while avoiding healthier forms of amyloid-beta.