Promis Neurosciences (NASDAQ:PMN) Receives $24.00 Consensus Price Target from Brokerages

Shares of Promis Neurosciences (NASDAQ:PMN) have earned an average rating of “Moderate Buy” from the seven research firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, three have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $24.00.

Several analysts recently commented on the stock. Wall Street Zen raised shares of Promis Neurosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, June 20th. Cantor Fitzgerald initiated coverage on Promis Neurosciences in a research report on Tuesday, June 30th. They issued an “overweight” rating on the stock. Roth Capital initiated coverage on Promis Neurosciences in a research note on Tuesday, July 7th. They set a “buy” rating and a $19.00 target price on the stock. Brookline Capital Markets raised Promis Neurosciences to a “strong-buy” rating in a report on Wednesday, May 20th. Finally, Zacks Research upgraded Promis Neurosciences to a “hold” rating in a research note on Tuesday, June 9th.

Promis Neurosciences Trading Up 2.6%

Shares of NASDAQ PMN opened at $14.01 on Monday. Promis Neurosciences has a 12 month low of $6.27 and a 12 month high of $39.75. The stock has a 50 day moving average of $11.15 and a 200-day moving average of $12.70. The company has a market capitalization of $125.67 million, a P/E ratio of -0.97 and a beta of -0.23.

Promis Neurosciences (NASDAQ:PMN) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($1.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.20). Analysts predict that Promis Neurosciences will post -5.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Patrick D. Kirwin bought 4,000 shares of the company’s stock in a transaction dated Wednesday, April 22nd. The stock was bought at an average price of $11.33 per share, with a total value of $45,320.00. Following the completion of the acquisition, the director owned 4,653 shares of the company’s stock, valued at $52,718.49. This represents a 612.56% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 1.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Promis Neurosciences

A number of hedge funds have recently bought and sold shares of the business. Seven Fleet Capital Management LP acquired a new stake in Promis Neurosciences in the 1st quarter worth about $135,000. ADAR1 Capital Management LLC bought a new stake in shares of Promis Neurosciences in the first quarter valued at approximately $1,211,000. Citadel Advisors LLC grew its position in Promis Neurosciences by 168.1% during the third quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock worth $72,000 after buying an additional 106,650 shares in the last quarter. Yu Fan acquired a new stake in Promis Neurosciences during the first quarter worth approximately $4,188,000. Finally, Ally Bridge Group NY LLC increased its stake in Promis Neurosciences by 66.1% during the 1st 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. 50.13% of the stock is owned by 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.