Yu Fan Buys New Stake in Promis Neurosciences $PMN

Key Points

• Yu Fan purchased 329,760 shares of Promis Neurosciences in the first quarter, valued at about $4.19 million. The stake represents 4.3% of Yu Fan’s portfolio and approximately 3.68% of PMN’s outstanding shares.
• Other institutional investors also increased or initiated positions, with institutional ownership reaching 50.13% of the company. PMN was trading at $14.52, up 23.9%, but remains well below its 52-week high of $27.40.
• Analysts maintain a generally positive outlook, with an average rating of “Moderate Buy” and a $23 price target. However, the company missed its latest quarterly earnings estimate and is expected to post a loss of $5.13 per share for the year.

Yu Fan purchased a new position in Promis Neurosciences (NASDAQ:PMN - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 329,760 shares of the company's stock, valued at approximately $4,188,000. Promis Neurosciences comprises 4.3% of Yu Fan's investment portfolio, making the stock its 7th largest position. Yu Fan owned approximately 3.68% of Promis Neurosciences at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of PMN. Armistice Capital LLC raised its stake in Promis Neurosciences by 39.1% during the third quarter. Armistice Capital LLC now owns 2,974,518 shares of the company's stock valued at $1,264,000 after purchasing an additional 836,622 shares in the last quarter. Citadel Advisors LLC grew its stake in shares of Promis Neurosciences by 168.1% in 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 in the last quarter. Finally, ADAR1 Capital Management LLC purchased a new position in shares of Promis Neurosciences in the 1st quarter worth $1,211,000. Institutional investors own 50.13% of the company's stock.

Promis Neurosciences Stock Up 23.9%

NASDAQ PMN opened at $14.52 on Wednesday. The company has a fifty day moving average of $11.74 and a two-hundred day moving average of $13.10. The firm has a market capitalization of $130.22 million, a price-to-earnings ratio of -1.00 and a beta of -0.23. Promis Neurosciences has a 52 week low of $6.27 and a 52 week high of $27.40.

Promis Neurosciences (NASDAQ:PMN - Get Free Report) last announced its earnings results on Tuesday, May 12th. The company reported ($1.26) earnings per share for the quarter, missing the consensus estimate of ($1.06) by ($0.20). Equities research analysts anticipate that Promis Neurosciences will post -5.13 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PMN. Brookline Capital Markets upgraded shares of Promis Neurosciences to a "strong-buy" rating in a research report on Wednesday, May 20th. Chardan Capital set a $20.00 price target on Promis Neurosciences and gave the stock a "buy" rating in a research report on Monday. Wall Street Zen upgraded Promis Neurosciences from a "strong sell" rating to a "sell" rating in a research report on Saturday, July 18th. Cantor Fitzgerald initiated coverage on Promis Neurosciences in a research note on Tuesday, June 30th. They set an "overweight" rating on the stock. Finally, Guggenheim restated a "buy" rating on shares of Promis Neurosciences in a research report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Promis Neurosciences presently has an average rating of "Moderate Buy" and an average price target of $23.00.

Promis Neurosciences 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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