Promis Neurosciences (NASDAQ:PMN) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Promis Neurosciences (NASDAQ:PMN) from a sell rating to a hold rating in a research note issued to investors on Saturday morning,Wall Street Zen reports.

A number of other equities analysts also recently weighed in on the stock. Roth Capital dropped their target price on shares of Promis Neurosciences to $15.00 and set a “buy” rating for the company in a research note on Monday, November 2nd. Guggenheim reiterated a “buy” rating and set a $69.00 target price (up from $35.00) on shares of Promis Neurosciences in a research report on Tuesday, July 28th. Weiss Ratings raised shares of Promis Neurosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, November 2nd. Chardan Capital set a $20.00 price target on shares of Promis Neurosciences and gave the company a “buy” rating in a research note on Monday, July 27th. Finally, HC Wainwright reissued a “buy” rating on shares of Promis Neurosciences in a report on Monday, October 12th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Promis Neurosciences presently has an average rating of “Moderate Buy” and an average price target of $30.50.

Promis Neurosciences Price Performance

Shares of NASDAQ:PMN traded down $0.19 during midday trading on Friday, reaching $3.29. The company’s stock had a trading volume of 156,542 shares, compared to its average volume of 414,629. Promis Neurosciences has a fifty-two week low of $2.78 and a fifty-two week high of $27.40. The company has a market capitalization of $29.51 million, a P/E ratio of -0.39 and a beta of -0.19. The business’s fifty day simple moving average is $9.17 and its 200-day simple moving average is $12.61.

Promis Neurosciences (NASDAQ:PMN) last issued its quarterly earnings results on Thursday, November 12th. The company reported ($0.89) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.28) by $0.39. On average, analysts forecast that Promis Neurosciences will post -5.07 earnings per share for the current fiscal year.

Insider Buying and Selling at Promis Neurosciences

In other news, insider Neil Cashman purchased 10,000 shares of the firm’s stock in a transaction that occurred on Monday, November 2nd. The shares were acquired at an average price of $3.86 per share, for a total transaction of $38,600.00. Following the completion of the acquisition, the insider directly owned 14,532 shares in the company, valued at approximately $56,093.52. The trade was a 220.65% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Eugene Williams purchased 26,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 4th. The stock was purchased at an average price of $3.43 per share, for a total transaction of $90,895.00. Following the acquisition, the director owned 40,213 shares of the company’s stock, valued at $137,930.59. The trade was a 193.25% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 37,816 shares of company stock worth $134,746 in the last ninety days. 1.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Seven Fleet Capital Management LP acquired a new stake in shares of Promis Neurosciences during the 1st quarter worth approximately $135,000. ADAR1 Capital Management LLC bought a new position in Promis Neurosciences in the first quarter valued at approximately $1,211,000. Yu Fan bought a new position in Promis Neurosciences in the first quarter valued at approximately $4,188,000. Ally Bridge Group NY LLC grew its holdings 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. Finally, Janus Henderson Group PLC acquired a new stake in Promis Neurosciences during the 1st quarter worth $16,418,000. Institutional investors own 50.13% of the company’s stock.

About Promis Neurosciences

ProMIS Neurosciences Inc. is a clinical-stage biotechnology company developing antibody-based treatments for neurodegenerative diseases. Its research focuses on misfolded proteins that may contribute to these conditions. The company’s technology is designed to identify disease-associated forms of proteins while distinguishing them from their normally functioning counterparts. Its lead program, PMN310, is an antibody candidate targeting toxic amyloid-beta oligomers for the potential treatment of Alzheimer’s disease.