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

Key Points

• Promis Neurosciences has a “Moderate Buy” consensus rating from eight brokerages, with four buy, two strong-buy, one hold, and one sell recommendation. The average 12-month price target is $34.00, though individual targets range from $29 to $69.
• Institutional investors own approximately 50.13% of PMN’s shares, with several hedge funds initiating or increasing positions during the first quarter.
• PMN opened at $11.27, down 2.6%, and recently reported a quarterly loss of $1.28 per share—better than the consensus estimate of a $1.38 loss. Analysts expect a full-year loss of approximately $5.29 per share.

Promis Neurosciences (NASDAQ:PMN - Get Free Report) has been given a consensus rating of "Moderate Buy" by the eight brokerages that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, four have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $34.00.

PMN has been the topic of several analyst reports. Roth Capital set a $29.00 target price on Promis Neurosciences in a research report on Friday, August 21st. Cantor Fitzgerald began coverage on Promis Neurosciences in a research report on Tuesday, June 30th. They issued an "overweight" rating for the company. Zacks Research raised Promis Neurosciences to a "hold" rating in a research note on Tuesday, June 9th. Guggenheim reaffirmed a "buy" rating and set a $69.00 price objective (up from $35.00) on shares of Promis Neurosciences in a research report on Tuesday, July 28th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Promis Neurosciences in a research note on Tuesday, September 8th.

Hedge Funds Weigh In On Promis Neurosciences

Large investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC purchased a new stake in shares of Promis Neurosciences in the first quarter worth $16,418,000. Yu Fan purchased a new position in shares of Promis Neurosciences during the 1st quarter valued at $4,188,000. Ally Bridge Group NY LLC lifted its stake 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 in the last quarter. ADAR1 Capital Management LLC bought a new position in Promis Neurosciences in the 1st quarter worth $1,211,000. Finally, Seven Fleet Capital Management LP bought a new position in Promis Neurosciences in the 1st quarter worth $135,000. Hedge funds and other institutional investors own 50.13% of the company's stock.

Promis Neurosciences Trading Down 2.6%

PMN opened at $11.27 on Friday. Promis Neurosciences has a 1-year low of $6.27 and a 1-year high of $27.40. The company has a market capitalization of $101.09 million, a PE ratio of -1.32 and a beta of -0.24. The firm's 50 day simple moving average is $13.77 and its two-hundred day simple moving average is $12.97.

Promis Neurosciences (NASDAQ:PMN - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($1.28) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.38) by $0.10. Equities analysts forecast that Promis Neurosciences will post -5.29 earnings per share for the current fiscal year.

Promis Neurosciences Company Profile

ProMIS Neurosciences Inc is a biotechnology company focused on developing therapeutics for neurodegenerative diseases. The company uses its Misfolded Protein Targeting platform to identify toxic forms of proteins associated with disease while aiming to avoid binding to their normal, healthy counterparts.

ProMIS's lead program is PMN310, an investigational antibody designed to selectively target toxic amyloid-beta oligomers implicated in Alzheimer's disease. The company is also researching antibody-based approaches for other neurodegenerative conditions, including diseases associated with misfolded TDP-43 proteins, such as amyotrophic lateral sclerosis and frontotemporal dementia.

Headquartered in Toronto, Canada, ProMIS conducts research and clinical development activities in the biotechnology and neuroscience sectors, with its programs intended for potential global use.

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