Promis Neurosciences (NASDAQ:PMN) Given “Buy” Rating at HC Wainwright

Promis Neurosciences (NASDAQ:PMN)‘s stock had its “buy” rating reaffirmed by stock analysts at HC Wainwright in a research note issued on Wednesday,Benzinga reports. They currently have a $18.00 price objective on the stock. HC Wainwright’s price target points to a potential upside of 68.38% from the company’s previous close.

Other equities analysts have also issued reports about the stock. Weiss Ratings lowered shares of Promis Neurosciences from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 11th. Brookline Capital Markets upgraded Promis Neurosciences to a “strong-buy” rating in a report on Wednesday, May 20th. Wall Street Zen upgraded shares of Promis Neurosciences from a “strong sell” rating to a “sell” rating in a report on Saturday. Finally, Zacks Research raised shares of Promis Neurosciences to a “hold” rating in a report on Tuesday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.50.

Promis Neurosciences Trading Up 0.1%

Shares of PMN opened at $10.69 on Wednesday. The firm has a fifty day moving average price of $10.69 and a 200-day moving average price of $12.21. The firm has a market capitalization of $95.89 million, a P/E ratio of -0.74 and a beta of -0.19. Promis Neurosciences has a 12-month low of $6.27 and a 12-month high of $39.75.

Promis Neurosciences (NASDAQ:PMN) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($1.26) EPS for the quarter, missing the consensus estimate of ($1.06) by ($0.20). Analysts predict that Promis Neurosciences will post -4.57 earnings per share for the current year.

Insider Activity at Promis Neurosciences

In other news, Director Patrick D. Kirwin acquired 4,000 shares of Promis Neurosciences stock in a transaction that occurred on Wednesday, April 22nd. The stock was purchased at an average price of $11.33 per share, for a total transaction of $45,320.00. Following the purchase, the director directly owned 4,653 shares in the company, valued at $52,718.49. The trade was a 612.56% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 1.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Promis Neurosciences

A number of large investors have recently made changes to their positions in the business. Citadel Advisors LLC lifted its holdings in shares of 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 during the 1st quarter worth $135,000. ADAR1 Capital Management LLC acquired a new position in Promis Neurosciences during the 1st quarter valued at about $1,211,000. Armistice Capital LLC increased its position 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 buying an additional 836,622 shares in the last quarter. Finally, Ally Bridge Group NY LLC raised its stake in Promis Neurosciences by 367.1% in the third quarter. Ally Bridge Group NY LLC now owns 6,233,497 shares of the company’s stock valued at $2,649,000 after buying an additional 4,899,069 shares during the last quarter. 50.13% of the stock is owned by institutional investors and hedge funds.

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.