ADAR1 Capital Management LLC Buys Shares of 95,350 Promis Neurosciences $PMN

Key Points

• ADAR1 Capital Management purchased 95,350 shares of Promis Neurosciences, valued at approximately $1.21 million and representing a 1.06% stake. Armistice Capital also increased its position by 39.1%, while institutions and hedge funds collectively own 50.13% of the stock.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and a $31.50 price target, substantially above the reported $14.06 share price. Ratings include two Strong Buys, four Buys, one Hold and one Sell.
• Promis Neurosciences reported a quarterly loss of $1.26 per share, missing the $1.06 consensus estimate. The clinical-stage biopharmaceutical company develops treatments for central nervous system disorders, including Alzheimer’s disease and multiple sclerosis.

ADAR1 Capital Management LLC purchased a new stake in shares of Promis Neurosciences (NASDAQ:PMN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 95,350 shares of the company's stock, valued at approximately $1,211,000. ADAR1 Capital Management LLC owned about 1.06% of Promis Neurosciences as of its most recent SEC filing.

Separately, Armistice Capital LLC boosted its position in shares of Promis Neurosciences by 39.1% in the third quarter. Armistice Capital LLC now owns 2,974,518 shares of the company's stock worth $1,264,000 after purchasing an additional 836,622 shares during the period. 50.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Roth Capital began coverage on shares of Promis Neurosciences in a research note on Tuesday, July 7th. They issued a "buy" rating and a $19.00 price objective for the company. Wall Street Zen upgraded shares of Promis Neurosciences from a "strong sell" rating to a "sell" rating in a research note on Saturday, July 18th. Zacks Research raised shares of Promis Neurosciences to a "hold" rating in a report on Tuesday, June 9th. Weiss Ratings lowered Promis Neurosciences from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, June 11th. Finally, Cantor Fitzgerald assumed coverage on Promis Neurosciences in a research note on Tuesday, June 30th. They issued an "overweight" rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $31.50.

Promis Neurosciences Stock Down 3.2%

Shares of PMN stock opened at $14.06 on Thursday. The stock has a market cap of $126.12 million, a P/E ratio of -0.97 and a beta of -0.23. Promis Neurosciences has a 52 week low of $6.27 and a 52 week high of $27.40. The company's fifty day simple moving average is $11.81 and its two-hundred day simple moving average is $13.14.

Promis Neurosciences (NASDAQ:PMN - Get Free Report) last issued its quarterly earnings data 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). On average, analysts anticipate that Promis Neurosciences will post -5.13 EPS for the current fiscal year.

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.

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