Promis Neurosciences (NASDAQ:PMN) Trading Down 0.4% - Should You Sell?

Key Points

• Promis Neurosciences shares fell 0.4% to $13.58, with trading volume up 136% from the average. The company has a $121.81 million market capitalization and trades below analysts’ average price target of $34.00.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy”; price targets range from $20 to $69, including Guggenheim’s upgraded $69 target.
• The biotechnology company beat quarterly EPS expectations, reporting a loss of $1.28 versus the estimated $1.38 loss. Institutional investors own 50.13% of the stock, while ProMIS advances antibody programs targeting neurodegenerative diseases such as Alzheimer’s, ALS and frontotemporal dementia.

Promis Neurosciences (NASDAQ:PMN - Get Free Report)'s share price was down 0.4% during trading on Tuesday . The stock traded as low as $13.45 and last traded at $13.58. 94,201 shares were traded during mid-day trading, an increase of 136% from the average daily volume of 39,850 shares. The stock had previously closed at $13.63.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PMN shares. Cantor Fitzgerald initiated coverage on shares of Promis Neurosciences in a research report on Tuesday, June 30th. They set an "overweight" rating for the company. Roth Capital set a $29.00 target price on shares of Promis Neurosciences in a report on Friday, August 21st. Guggenheim restated a "buy" rating and issued a $69.00 price target (up from $35.00) on shares of Promis Neurosciences in a research report on Tuesday, July 28th. Chardan Capital set a $20.00 price target on Promis Neurosciences and gave the company a "buy" rating in a report on Monday, July 27th. Finally, HC Wainwright reiterated a "buy" rating on shares of Promis Neurosciences in a research report on Wednesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Promis Neurosciences currently has a consensus rating of "Moderate Buy" and an average price target of $34.00.

Promis Neurosciences Price Performance

The firm has a market capitalization of $121.81 million, a PE ratio of -1.59 and a beta of -0.24. The company has a fifty day moving average of $13.90 and a 200-day moving average of $13.15.

Promis Neurosciences (NASDAQ:PMN - Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported ($1.28) EPS for the quarter, beating analysts' consensus estimates of ($1.38) by $0.10. Equities analysts anticipate that Promis Neurosciences will post -5.14 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PMN. Seven Fleet Capital Management LP acquired a new position in shares of Promis Neurosciences during the 1st quarter worth about $135,000. Janus Henderson Group PLC purchased a new stake in shares of Promis Neurosciences during the first quarter worth $16,418,000. Ally Bridge Group NY LLC raised its position in shares of 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 during the last quarter. Yu Fan purchased a new position in shares of Promis Neurosciences in the first quarter worth about $4,188,000. Finally, ADAR1 Capital Management LLC acquired a new position in Promis Neurosciences during the first quarter worth about $1,211,000. Hedge funds and other institutional investors own 50.13% of the company's stock.

About Promis Neurosciences

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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