Promis Neurosciences (NASDAQ:PMN) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Promis Neurosciences (NASDAQ:PMN) has earned a consensus recommendation of “Moderate Buy” from the four ratings firms that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation and three have issued a buy recommendation on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $42.6667.

PMN has been the subject of several recent research reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Promis Neurosciences in a research report on Thursday, January 22nd. Guggenheim dropped their price objective on shares of Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, February 6th. Finally, Wall Street Zen cut shares of Promis Neurosciences to a “strong sell” rating in a research note on Saturday, February 14th.

Promis Neurosciences Stock Performance

Shares of PMN opened at $11.06 on Wednesday. The business’s 50-day moving average is $15.74 and its two-hundred day moving average is $12.03. The company has a market capitalization of $99.21 million, a P/E ratio of -0.58 and a beta of -0.20. Promis Neurosciences has a fifty-two week low of $6.27 and a fifty-two week high of $39.75.

Insider Buying and Selling at Promis Neurosciences

In other Promis Neurosciences news, Director Eugene Williams bought 2,000 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were purchased at an average cost of $24.00 per share, for a total transaction of $48,000.00. Following the transaction, the director directly owned 12,397 shares of the company’s stock, valued at approximately $297,528. The trade was a 19.24% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Patrick D. Kirwin purchased 4,000 shares of Promis Neurosciences stock in a transaction that occurred on Wednesday, April 22nd. The stock was acquired at an average cost of $11.33 per share, with a total value of $45,320.00. Following the acquisition, the director directly owned 4,653 shares in the company, valued at $52,718.49. This trade represents a 612.56% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders bought 8,629 shares of company stock valued at $140,855. Corporate insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Citadel Advisors LLC grew its stake in Promis Neurosciences by 168.1% in the 3rd quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock valued at $72,000 after acquiring an additional 106,650 shares during the period. Armistice Capital LLC grew its position in shares of Promis Neurosciences by 39.1% in the third 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 during the period. Finally, Ally Bridge Group NY LLC increased its stake in shares of Promis Neurosciences by 367.1% during the third quarter. Ally Bridge Group NY LLC now owns 6,233,497 shares of the company’s stock worth $2,649,000 after purchasing 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 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.