Promis Neurosciences (NASDAQ:PMN) Issues Earnings Results

Promis Neurosciences (NASDAQ:PMN) released its quarterly earnings results on Tuesday. The company reported ($1.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.20), FiscalAI reports.

Promis Neurosciences Stock Down 1.3%

Promis Neurosciences stock traded down $0.14 during mid-day trading on Tuesday, reaching $10.55. The company had a trading volume of 18,870 shares, compared to its average volume of 132,112. The firm has a market cap of $94.59 million, a price-to-earnings ratio of -0.56 and a beta of -0.20. The company has a 50 day moving average of $15.08 and a 200-day moving average of $12.01. Promis Neurosciences has a 52 week low of $6.27 and a 52 week high of $39.75.

Analyst Ratings Changes

A number of analysts have commented on PMN shares. Wall Street Zen lowered shares of Promis Neurosciences to a “strong sell” rating in a research note on Saturday, February 14th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Promis Neurosciences in a research note on Thursday, January 22nd. Finally, Guggenheim cut their price objective on Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating for the company in a report on Friday, February 6th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $26.50.

Insider Activity

In related news, Director Eugene Williams acquired 2,000 shares of the business’s stock in a transaction on Wednesday, March 4th. The stock was bought at an average cost of $24.00 per share, with a total value of $48,000.00. Following the completion of the acquisition, the director owned 12,397 shares in the company, valued at $297,528. The trade was a 19.24% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Johanne Kaplan bought 1,629 shares of Promis Neurosciences stock in a transaction dated Thursday, February 19th. The stock was purchased at an average price of $15.35 per share, for a total transaction of $25,005.15. Following the purchase, the insider directly owned 3,941 shares in the company, valued at $60,494.35. This represents a 70.46% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders purchased 8,629 shares of company stock valued at $140,855. Insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Promis Neurosciences

A hedge fund recently raised its stake in Promis Neurosciences stock. Armistice Capital LLC increased its stake in shares of Promis Neurosciences (NASDAQ:PMN) by 39.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,974,518 shares of the company’s stock after purchasing an additional 836,622 shares during the quarter. Armistice Capital LLC owned about 5.53% of Promis Neurosciences worth $1,264,000 at the end of the most recent quarter. 50.13% of the stock is owned by hedge funds and other institutional investors.

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.