Promis Neurosciences (NASDAQ:PMN) Stock Gets Price Target Cut from Roth Capital

Promis Neurosciences (NASDAQ:PMN) had its target price decreased by Roth Capital to $15.00 in a report released on Monday,Benzinga reports. Roth Capital currently has a buy rating on the stock.

Several other brokerages have also weighed in on PMN. Wall Street Zen raised shares of Promis Neurosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, July 18th. HC Wainwright restated a “buy” rating on shares of Promis Neurosciences in a research note on Monday, October 12th. Weiss Ratings restated a “sell (e+)” rating on shares of Promis Neurosciences in a research note on Tuesday, September 8th. Guggenheim reaffirmed a “buy” rating and set a $69.00 price target (up from $35.00) on shares of Promis Neurosciences in a research report on Tuesday, July 28th. Finally, Chardan Capital set a $20.00 price target on Promis Neurosciences and gave the stock a “buy” rating in a research note on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $30.50.

Promis Neurosciences Stock Up 3.2%

PMN stock opened at $3.52 on Monday. Promis Neurosciences has a 52-week low of $2.78 and a 52-week high of $27.40. The stock’s 50 day moving average is $10.56 and its two-hundred day moving average is $12.79. The company has a market capitalization of $31.57 million, a PE ratio of -0.41 and a beta of -0.19.

Promis Neurosciences (NASDAQ:PMN) last released its earnings results on Thursday, August 13th. The company reported ($1.28) EPS for the quarter, beating the consensus estimate of ($1.38) by $0.10. As a group, sell-side analysts anticipate that Promis Neurosciences will post -5.07 EPS for the current year.

Insider Buying and Selling

In other Promis Neurosciences news, insider Neil Cashman acquired 10,000 shares of the firm’s stock in a transaction on Monday, November 2nd. The stock was purchased at an average price of $3.86 per share, with a total value of $38,600.00. Following the completion of the acquisition, the insider directly owned 14,532 shares in the company, valued at $56,093.52. This trade represents a 220.65% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Promis Neurosciences

Institutional investors and hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC bought a new position in shares of Promis Neurosciences in the 1st quarter worth about $16,418,000. Yu Fan acquired a new position in shares of Promis Neurosciences in the 1st quarter valued at about $4,188,000. Ally Bridge Group NY LLC grew its position in shares of Promis Neurosciences by 66.1% during 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 last quarter. ADAR1 Capital Management LLC bought a new stake in shares of Promis Neurosciences during the 1st quarter valued at about $1,211,000. Finally, Seven Fleet Capital Management LP acquired a new stake in Promis Neurosciences during the first quarter worth about $135,000. 50.13% of the stock is owned by institutional investors and hedge funds.

Promis Neurosciences Company Profile

ProMIS Neurosciences Inc (NASDAQ: PMN) is a clinical-stage biotechnology company developing precision medicines for neurodegenerative diseases. The company’s research focuses on misfolded proteins, which can form toxic structures associated with conditions such as Alzheimer’s disease, amyotrophic lateral sclerosis and other neurological disorders.

ProMIS uses its proprietary target-discovery platform to identify disease-specific toxic protein conformations and develop antibodies intended to selectively bind and neutralize them while avoiding healthy forms of the same proteins.