Promis Neurosciences’ (PMN) Buy Rating Reaffirmed at HC Wainwright

Promis Neurosciences (NASDAQ:PMN)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a note issued to investors on Monday,Benzinga reports. They currently have a $18.00 price objective on the stock. HC Wainwright’s target price suggests a potential upside of 81.27% from the company’s previous close.

A number of other brokerages have also recently commented on PMN. Brookline Capital Markets upgraded Promis Neurosciences to a “strong-buy” rating in a research note on Wednesday, May 20th. Wall Street Zen upgraded Promis Neurosciences from a “strong sell” rating to a “sell” rating in a report on Sunday, May 31st. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Promis Neurosciences has a consensus rating of “Moderate Buy” and a consensus price target of $26.50.

Promis Neurosciences Stock Performance

Shares of PMN traded up $0.80 during trading hours on Monday, hitting $9.93. The stock had a trading volume of 9,606 shares, compared to its average volume of 113,680. The firm has a market cap of $89.07 million, a P/E ratio of -0.68 and a beta of -0.19. The company’s fifty day simple moving average is $11.24 and its 200 day simple moving average is $12.03. Promis Neurosciences has a 12-month low of $6.27 and a 12-month high of $39.75.

Promis Neurosciences (NASDAQ:PMN) last issued its 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 Buying and Selling

In other news, Director Patrick D. Kirwin purchased 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was acquired 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 approximately $52,718.49. This trade represents a 612.56% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Promis Neurosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Seven Fleet Capital Management LP bought a new stake in shares of Promis Neurosciences in the 1st quarter worth approximately $135,000. ADAR1 Capital Management LLC bought a new stake in Promis Neurosciences in the first quarter valued at $1,211,000. Citadel Advisors LLC lifted 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 buying an additional 106,650 shares during the last quarter. Yu Fan acquired a new position in shares of Promis Neurosciences during the first quarter valued at $4,188,000. Finally, Ally Bridge Group NY LLC increased its holdings 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 worth $5,261,000 after acquiring an additional 164,880 shares during the period. 50.13% of the stock is currently owned by institutional investors and hedge funds.

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.