Promis Neurosciences (NASDAQ:PMN) Upgraded at Roth Capital

Key Points

• Roth Capital upgraded Promis Neurosciences to a “strong-buy” rating, adding to a series of recent analyst actions on the stock.
• Overall sentiment remains constructive: the stock now has a consensus rating of “Moderate Buy” with an average $24.00 price target, based on MarketBeat data.
• Promis Neurosciences reported a recent quarterly loss of ($1.26) EPS, wider than estimates, while the stock was last seen trading at $13.78 with a market cap of about $123.6 million.

Promis Neurosciences (NASDAQ:PMN - Get Free Report) was upgraded by Roth Capital to a "strong-buy" rating in a research note issued on Tuesday,Zacks.com reports.

Several other analysts have also recently commented on the company. Cantor Fitzgerald began coverage on Promis Neurosciences in a research report on Tuesday, June 30th. They issued an "overweight" rating on the stock. Weiss Ratings cut Promis Neurosciences from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, June 11th. Zacks Research upgraded shares of Promis Neurosciences to a "hold" rating in a research note on Tuesday, June 9th. Brookline Capital Markets raised shares of Promis Neurosciences to a "strong-buy" rating in a report on Wednesday, May 20th. Finally, HC Wainwright reiterated a "buy" rating and issued a $18.00 target price on shares of Promis Neurosciences in a research report on Wednesday, June 24th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $24.00.

Promis Neurosciences Stock Performance

PMN stock opened at $13.78 on Tuesday. Promis Neurosciences has a 1 year low of $6.27 and a 1 year high of $39.75. The stock has a market capitalization of $123.61 million, a price-to-earnings ratio of -0.95 and a beta of -0.23. The stock's fifty day moving average is $10.87 and its two-hundred day moving average is $12.51.

Promis Neurosciences (NASDAQ:PMN - Get Free Report) last posted its 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). As a group, analysts predict that Promis Neurosciences will post -5.19 EPS for the current fiscal year.

Insider Activity at Promis Neurosciences

In other news, Director Patrick D. Kirwin acquired 4,000 shares of the business's stock in a transaction dated Wednesday, April 22nd. The stock was acquired at an average price of $11.33 per share, for a total transaction of $45,320.00. Following the completion of the acquisition, the director directly owned 4,653 shares in the company, valued at $52,718.49. This represents a 612.56% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 1.50% of the company's stock.

Institutional Investors Weigh In On Promis Neurosciences

Several 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 Promis Neurosciences in the 1st quarter valued at about $135,000. ADAR1 Capital Management LLC bought a new stake in shares of Promis Neurosciences in the 1st quarter worth approximately $1,211,000. Citadel Advisors LLC raised its holdings 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 purchasing an additional 106,650 shares in the last quarter. Yu Fan acquired a new stake in Promis Neurosciences during the first quarter valued at approximately $4,188,000. Finally, Ally Bridge Group NY LLC lifted its stake 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 valued at $5,261,000 after purchasing an additional 164,880 shares during the last quarter. 50.13% of the stock is currently owned by 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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