Promis Neurosciences (NASDAQ:PMN) Receives Average Recommendation of "Moderate Buy" from Analysts

Key Points

• Analyst consensus is “Moderate Buy” across eight brokerages, with four buys, two strong buys, one hold and one sell. The average 12-month price target is $34.00, although individual targets range from $29.00 to $69.00.
• Institutional investors and hedge funds own 50.13% of Promis Neurosciences, with several firms recently initiating or increasing positions, including Ally Bridge Group and Citadel Advisors.
• PMN opened at $13.07, well below its one-year high of $27.40. The company reported a quarterly loss of $1.28 per share, beating the consensus estimate of a $1.38 loss, while analysts expect a full-year loss of $5.14 per share.

Promis Neurosciences (NASDAQ:PMN - Get Free Report) has earned an average rating of "Moderate Buy" from the eight brokerages that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $34.00.

A number of brokerages have issued reports on PMN. Cantor Fitzgerald began coverage on shares of Promis Neurosciences in a research note on Tuesday, June 30th. They set an "overweight" rating on the stock. Guggenheim restated a "buy" rating and issued a $69.00 target price (up from $35.00) on shares of Promis Neurosciences in a research report on Tuesday, July 28th. Zacks Research raised shares of Promis Neurosciences to a "hold" rating in a report on Tuesday, June 9th. HC Wainwright reiterated a "buy" rating on shares of Promis Neurosciences in a research report on Wednesday, July 15th. Finally, Roth Capital set a $29.00 price objective on shares of Promis Neurosciences in a research note on Friday, August 21st.

Institutional Investors Weigh In On Promis Neurosciences

A number of large investors have recently modified their holdings of PMN. Seven Fleet Capital Management LP bought a new position in shares of Promis Neurosciences in the 1st quarter valued at $135,000. ADAR1 Capital Management LLC bought a new stake in shares of Promis Neurosciences during the 1st quarter worth $1,211,000. Citadel Advisors LLC lifted its position 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. Yu Fan acquired a new stake in Promis Neurosciences in the first quarter valued at about $4,188,000. Finally, Ally Bridge Group NY LLC boosted its stake in Promis Neurosciences by 66.1% in the first 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 in the last quarter. Institutional investors and hedge funds own 50.13% of the company's stock.

Promis Neurosciences Price Performance

Promis Neurosciences stock opened at $13.07 on Tuesday. The firm has a market cap of $117.24 million, a PE ratio of -1.53 and a beta of -0.23. The stock's fifty day moving average price is $13.68 and its two-hundred day moving average price is $13.72. Promis Neurosciences has a one year low of $6.27 and a one year high of $27.40.

Promis Neurosciences (NASDAQ:PMN - Get Free Report) last released its earnings results on Thursday, August 13th. The company reported ($1.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.38) by $0.10. Sell-side analysts expect that Promis Neurosciences will post -5.14 earnings per share for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source