Promis Neurosciences (NASDAQ:PMN) Posts Earnings Results, Misses Estimates By $0.20 EPS

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

Promis Neurosciences Price Performance

PMN stock traded down $0.13 during midday trading on Tuesday, hitting $10.55. The stock had a trading volume of 18,223 shares, compared to its average volume of 132,103. The firm has a market cap of $94.67 million, a price-to-earnings ratio of -0.56 and a beta of -0.20. The business has a 50-day moving average of $15.08 and a two-hundred day moving average of $12.01. Promis Neurosciences has a 52-week low of $6.27 and a 52-week high of $39.75.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Promis Neurosciences in a report on Thursday, January 22nd. Wall Street Zen downgraded Promis Neurosciences to a “strong sell” rating in a report on Saturday, February 14th. Finally, Guggenheim decreased their target price 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 research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $26.50.

Insider Buying and Selling

In other news, insider Johanne Kaplan purchased 1,629 shares of Promis Neurosciences stock in a transaction that occurred on Thursday, February 19th. The shares were bought at an average cost of $15.35 per share, with a total value of $25,005.15. Following the completion of the purchase, the insider directly owned 3,941 shares in the company, valued at approximately $60,494.35. This trade represents a 70.46% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed 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 purchased at an average cost of $11.33 per share, for a total transaction of $45,320.00. Following the completion of the purchase, the director owned 4,653 shares of the company’s stock, valued at $52,718.49. This trade represents a 612.56% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 8,629 shares of company stock valued at $140,855 over the last ninety days. Company 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. Citadel Advisors LLC raised its stake in Promis Neurosciences (NASDAQ:PMN) by 168.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 170,079 shares of the company’s stock after acquiring an additional 106,650 shares during the period. Citadel Advisors LLC owned approximately 0.32% of Promis Neurosciences worth $72,000 as of its most recent SEC filing. 50.13% of the stock is currently owned by 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.