Promis Neurosciences (NASDAQ:PMN) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Promis Neurosciences has an average analyst rating of “Moderate Buy” from seven covering analysts, with a consensus 12-month price target of $24.00.
• The stock opened at $14.25, giving it a market cap of about $127.82 million; it has traded between $6.27 and $39.75 over the past year.
• The company reported a quarterly EPS of ($1.26), missing estimates, and insiders and institutions have been active, including a recent director purchase and hedge funds holding about 50.13% of the stock.

Promis Neurosciences (NASDAQ:PMN - Get Free Report) has received an average recommendation of "Moderate Buy" from the seven analysts that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation, three have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $24.00.

PMN has been the subject of a number of recent analyst reports. Weiss Ratings lowered shares of Promis Neurosciences from a "sell (d-)" rating to a "sell (e+)" rating in a report on Thursday, June 11th. Brookline Capital Markets upgraded shares of Promis Neurosciences to a "strong-buy" rating in a report on Wednesday, May 20th. Roth Capital started coverage on shares of Promis Neurosciences in a research report on Tuesday, July 7th. They issued a "buy" rating and a $19.00 price objective for the company. HC Wainwright reissued a "buy" rating and issued a $18.00 price objective on shares of Promis Neurosciences in a research report on Wednesday, June 24th. Finally, Cantor Fitzgerald assumed coverage on Promis Neurosciences in a research note on Tuesday, June 30th. They set an "overweight" rating for the company.

Promis Neurosciences Price Performance

Shares of NASDAQ PMN opened at $14.25 on Monday. The company has a market capitalization of $127.82 million, a price-to-earnings ratio of -0.98 and a beta of -0.23. Promis Neurosciences has a 1-year low of $6.27 and a 1-year high of $39.75. The business has a 50-day moving average of $11.00 and a 200-day moving average of $12.59.

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

Insider Activity at Promis Neurosciences

In other Promis Neurosciences news, Director Patrick D. Kirwin purchased 4,000 shares of Promis Neurosciences stock in a transaction that occurred on Wednesday, April 22nd. The stock was purchased at an average price of $11.33 per share, with a total value of $45,320.00. Following the completion of the acquisition, the director owned 4,653 shares of the company's stock, valued at approximately $52,718.49. This trade represents a 612.56% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.50% of the company's stock.

Institutional Investors Weigh In On Promis Neurosciences

Hedge funds and other institutional investors have recently bought and sold shares of the business. Seven Fleet Capital Management LP acquired a new stake in shares of Promis Neurosciences during the first quarter worth approximately $135,000. ADAR1 Capital Management LLC bought a new stake in shares of Promis Neurosciences in the first quarter worth $1,211,000. Citadel Advisors LLC raised its holdings in Promis Neurosciences by 168.1% in the third quarter. Citadel Advisors LLC now owns 170,079 shares of the company's stock valued at $72,000 after acquiring an additional 106,650 shares in the last quarter. Yu Fan acquired a new stake in Promis Neurosciences in the first quarter valued at $4,188,000. Finally, Ally Bridge Group NY LLC boosted its stake in 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 acquiring an additional 164,880 shares during the last quarter. 50.13% of the stock is currently owned by hedge funds and other institutional investors.

About Promis Neurosciences

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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