Promis Neurosciences (NASDAQ:PMN) Rating Increased to Sell at Wall Street Zen

Wall Street Zen upgraded shares of Promis Neurosciences (NASDAQ:PMN) from a strong sell rating to a sell rating in a research report released on Saturday morning.

A number of other equities analysts have also recently commented on the company. Cantor Fitzgerald began coverage on Promis Neurosciences in a report on Tuesday, June 30th. They set an “overweight” rating for the company. HC Wainwright reaffirmed a “buy” rating on shares of Promis Neurosciences in a research note on Wednesday. Weiss Ratings lowered Promis Neurosciences from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 11th. Brookline Capital Markets upgraded Promis Neurosciences to a “strong-buy” rating in a research report on Wednesday, May 20th. Finally, Zacks Research raised Promis Neurosciences to a “hold” rating in a research note on Tuesday, June 9th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

Promis Neurosciences Stock Up 14.2%

Shares of NASDAQ PMN opened at $15.19 on Friday. The firm has a market cap of $136.25 million, a price-to-earnings ratio of -1.05 and a beta of -0.23. The company’s 50-day simple moving average is $11.32 and its 200-day simple moving average is $12.76. Promis Neurosciences has a 52-week low of $6.27 and a 52-week high of $39.75.

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

Insider Activity at Promis Neurosciences

In related news, Director Patrick D. Kirwin acquired 4,000 shares of Promis Neurosciences stock in a transaction that occurred on Wednesday, April 22nd. The shares were purchased at an average price of $11.33 per share, for a total transaction of $45,320.00. Following the completion of the transaction, the director owned 4,653 shares in the company, valued at $52,718.49. This represents a 612.56% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.50% of the company’s stock.

Institutional Trading of Promis Neurosciences

Several large investors have recently added to or reduced their stakes in PMN. Armistice Capital LLC boosted its position in shares of 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 acquiring an additional 836,622 shares during the last quarter. Janus Henderson Group PLC acquired a new position in Promis Neurosciences in the 1st quarter valued at about $16,418,000. Ally Bridge Group NY LLC grew its stake in shares of 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 buying an additional 164,880 shares during the period. Yu Fan purchased a new stake in shares of Promis Neurosciences in the 1st quarter valued at approximately $4,188,000. Finally, Citadel Advisors LLC increased 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 worth $72,000 after buying an additional 106,650 shares during the last quarter. 50.13% of the stock is currently owned by hedge funds and other 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.