Promis Neurosciences (NASDAQ:PMN) Receives $26.50 Consensus Price Target from Analysts

Promis Neurosciences (NASDAQ:PMN) has been given an average recommendation of “Moderate Buy” by the four ratings firms that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $26.50.

Several research analysts recently weighed in on PMN shares. Brookline Capital Markets upgraded shares of Promis Neurosciences to a “strong-buy” rating in a report on Wednesday, May 20th. Wall Street Zen cut shares of Promis Neurosciences to a “strong sell” rating in a report on Saturday, February 14th. Finally, Guggenheim cut their price target on shares of Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, February 6th.

Promis Neurosciences Stock Performance

Promis Neurosciences stock opened at $10.87 on Friday. Promis Neurosciences has a fifty-two week low of $6.27 and a fifty-two week high of $39.75. The stock has a market cap of $97.50 million, a PE ratio of -0.75 and a beta of -0.20. The firm’s 50-day simple moving average is $12.12 and its 200 day simple moving average is $12.02.

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).

Insider Transactions at Promis Neurosciences

In related news, Director Eugene Williams bought 2,000 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were purchased at an average cost of $24.00 per share, for a total transaction of $48,000.00. Following the completion of the purchase, the director directly owned 12,397 shares in the company, valued at $297,528. The trade was a 19.24% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Patrick D. Kirwin bought 4,000 shares of the company’s stock in a transaction on Wednesday, April 22nd. The stock was bought at an average price 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 approximately $52,718.49. The trade was a 612.56% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders acquired 7,000 shares of company stock worth $115,850. Corporate insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Citadel Advisors LLC boosted its stake in Promis Neurosciences by 168.1% in the third quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock valued at $72,000 after acquiring an additional 106,650 shares during the last quarter. ADAR1 Capital Management LLC purchased a new position in Promis Neurosciences in the first quarter valued at about $1,211,000. Armistice Capital LLC boosted its stake in 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 during the last quarter. Ally Bridge Group NY LLC boosted its stake in Promis Neurosciences by 367.1% in the third quarter. Ally Bridge Group NY LLC now owns 6,233,497 shares of the company’s stock valued at $2,649,000 after acquiring an additional 4,899,069 shares during the last quarter. Finally, Yu Fan purchased a new position in Promis Neurosciences in the first quarter valued at about $4,188,000. 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.