Promis Neurosciences (NASDAQ:PMN) Receives $34.00 Consensus Target Price from Analysts

Shares of Promis Neurosciences (NASDAQ:PMN) have been assigned a consensus rating of “Moderate Buy” from the eight brokerages that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, four have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $34.00.

A number of equities research analysts recently weighed in on the company. Cantor Fitzgerald assumed coverage on Promis Neurosciences in a report on Tuesday, June 30th. They issued an “overweight” rating on the stock. Weiss Ratings downgraded Promis Neurosciences from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 11th. HC Wainwright reissued a “buy” rating on shares of Promis Neurosciences in a report on Wednesday, July 15th. Guggenheim reaffirmed a “buy” rating and set a $69.00 price target (up from $35.00) on shares of Promis Neurosciences in a research note on Tuesday, July 28th. Finally, Chardan Capital set a $20.00 price objective on shares of Promis Neurosciences and gave the stock a “buy” rating in a research report on Monday, July 27th.

Institutional Trading of Promis Neurosciences

Several institutional investors and hedge funds have recently modified their holdings of the business. Citadel Advisors LLC increased its stake 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 worth $72,000 after purchasing an additional 106,650 shares in the last quarter. Armistice Capital LLC lifted its position in shares of Promis Neurosciences by 39.1% in the third quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock valued at $1,264,000 after acquiring an additional 836,622 shares in the last quarter. ADAR1 Capital Management LLC acquired a new stake in shares of Promis Neurosciences during the first quarter valued at $1,211,000. Yu Fan acquired a new position in Promis Neurosciences in the 1st quarter valued at about $4,188,000. Finally, Ally Bridge Group NY LLC raised its stake in Promis Neurosciences by 66.1% in the 1st quarter. Ally Bridge Group NY LLC now owns 414,219 shares of the company’s stock valued at $5,261,000 after purchasing an additional 164,880 shares during the last quarter. Hedge funds and other institutional investors own 50.13% of the company’s stock.

Promis Neurosciences Stock Down 7.7%

Shares of PMN opened at $12.90 on Tuesday. The company has a 50-day simple moving average of $13.86 and a 200-day simple moving average of $13.69. The company has a market capitalization of $115.71 million, a PE ratio of -1.51 and a beta of -0.24. Promis Neurosciences has a 52-week low of $6.27 and a 52-week high of $27.40.

Promis Neurosciences (NASDAQ:PMN) last released its quarterly earnings data on Thursday, August 13th. The company reported ($1.28) EPS for the quarter, topping analysts’ consensus estimates of ($1.38) by $0.10. On average, research analysts anticipate that Promis Neurosciences will post -5.14 EPS for the current year.

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.