Promis Neurosciences (NASDAQ:PMN) Raised to “Strong-Buy” at Roth Capital

Promis Neurosciences (NASDAQ:PMN) was upgraded by equities researchers at Roth Capital to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

Several other research analysts have also recently commented on PMN. Wall Street Zen upgraded shares of Promis Neurosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, June 20th. HC Wainwright restated a “buy” rating and set a $18.00 price target on shares of Promis Neurosciences in a report on Wednesday, June 24th. Cantor Fitzgerald initiated coverage on shares of Promis Neurosciences in a research report on Tuesday, June 30th. They issued an “overweight” rating for the company. Weiss Ratings downgraded shares of Promis Neurosciences from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 11th. Finally, Brookline Capital Markets upgraded shares of Promis Neurosciences to a “strong-buy” rating in a research report on Wednesday, May 20th. 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 issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

Promis Neurosciences Stock Up 1.7%

Shares of Promis Neurosciences stock opened at $13.78 on Tuesday. Promis Neurosciences has a 12-month low of $6.27 and a 12-month high of $39.75. The firm has a market capitalization of $123.61 million, a PE ratio of -0.95 and a beta of -0.23. The stock’s fifty day moving average is $10.87 and its 200-day moving average is $12.51.

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 analysts’ consensus estimates of ($1.06) by ($0.20). Analysts expect that Promis Neurosciences will post -5.19 EPS for the current year.

Insider Activity at Promis Neurosciences

In related 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 acquisition, the director owned 4,653 shares in the company, valued at $52,718.49. This trade represents a 612.56% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Promis Neurosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PMN. Ally Bridge Group NY LLC boosted its stake in shares of Promis Neurosciences by 367.1% during the 3rd quarter. Ally Bridge Group NY LLC now owns 6,233,497 shares of the company’s stock valued at $2,649,000 after buying an additional 4,899,069 shares during the period. Armistice Capital LLC raised its holdings in shares of Promis Neurosciences by 39.1% during the third quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock worth $1,264,000 after acquiring an additional 836,622 shares in the last quarter. Citadel Advisors LLC raised its holdings in shares of Promis Neurosciences by 168.1% during the third quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock worth $72,000 after acquiring an additional 106,650 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in Promis Neurosciences during the first quarter valued at $16,418,000. Finally, Seven Fleet Capital Management LP acquired a new stake in Promis Neurosciences during the first quarter valued at $135,000. Hedge funds and other institutional investors own 50.13% of the company’s stock.

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.