Promis Neurosciences (NASDAQ:PMN) Stock Now Rated "Moderate Buy" by Wall Street Analysts

Key Points

• Analyst sentiment is moderately positive: Eight analysts collectively rate Promis Neurosciences “Moderate Buy,” with an average 12-month price target of $34.00. Ratings include four buys, two strong buys, one hold and one sell.
• Institutional ownership is substantial: Institutional investors and hedge funds own 50.13% of PMN, with several firms recently establishing or increasing positions.
• The stock remains under pressure: PMN opened at $8.09, well below its 52-week high of $27.40, while the company reported a quarterly loss of $1.28 per share—though this was better than the $1.38 analyst estimate.

Promis Neurosciences (NASDAQ:PMN - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the eight analysts that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and two have issued a strong buy rating on the company. The average 1-year target price among analysts that have covered the stock in the last year is $34.00.

A number of research firms recently issued reports on PMN. Guggenheim reaffirmed 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. Weiss Ratings reissued a "sell (e+)" rating on shares of Promis Neurosciences in a research report on Tuesday, September 8th. Cantor Fitzgerald initiated coverage on Promis Neurosciences in a research report on Tuesday, June 30th. They set an "overweight" rating for the company. HC Wainwright restated a "buy" rating on shares of Promis Neurosciences in a research note on Monday, October 12th. Finally, Chardan Capital set a $20.00 price target on Promis Neurosciences and gave the stock a "buy" rating in a research report on Monday, July 27th.

Institutional Investors Weigh In On Promis Neurosciences

Several large investors have recently made changes to their positions in the stock. Janus Henderson Group PLC bought a new position in shares of Promis Neurosciences in the first quarter valued at $16,418,000. Ally Bridge Group NY LLC raised its position in Promis Neurosciences by 66.1% during the first 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 in the last quarter. Yu Fan bought a new stake in Promis Neurosciences during the first quarter worth $4,188,000. ADAR1 Capital Management LLC bought a new stake in Promis Neurosciences during the first quarter worth $1,211,000. Finally, Seven Fleet Capital Management LP bought a new stake in Promis Neurosciences during the first quarter worth $135,000. Institutional investors and hedge funds own 50.13% of the company's stock.

Promis Neurosciences Trading Down 1.7%

Shares of PMN stock opened at $8.09 on Wednesday. Promis Neurosciences has a 1 year low of $6.27 and a 1 year high of $27.40. The firm's fifty day moving average price is $12.18 and its two-hundred day moving average price is $11.94. The firm has a market capitalization of $72.57 million, a P/E ratio of -0.95 and a beta of -0.26.

Promis Neurosciences (NASDAQ:PMN - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($1.28) EPS for the quarter, topping the consensus estimate of ($1.38) by $0.10. As a group, equities research analysts forecast that Promis Neurosciences will post -5.07 EPS for the current fiscal year.

About Promis Neurosciences

ProMIS Neurosciences Inc NASDAQ: PMN is a clinical-stage biotechnology company focused on developing antibody-based treatments for neurodegenerative diseases. The company uses its proprietary technology platform to identify disease-related misfolded proteins and selectively target toxic forms that may contribute to neuronal damage.

ProMIS's lead investigational product is PMN310, an antibody designed to target toxic soluble amyloid-beta oligomers associated with Alzheimer's disease while avoiding healthier forms of amyloid-beta.

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