Promis Neurosciences (NASDAQ:PMN) Upgraded to "Sell" at Wall Street Zen

Key Points

• Promis Neurosciences was upgraded by Wall Street Zen from "strong sell" to "sell", while the broader analyst picture remains mixed with an average rating of Moderate Buy and a target price of $24.00.
• The company reported a quarterly loss of $1.26 per share, missing analysts’ expectations, and analysts now expect it to post -5.13 EPS for the current year.
• PMN opened at $15.19, with a $136.25 million market cap, and recent filings showed insider buying plus significant institutional ownership of 50.13%.

Promis Neurosciences (NASDAQ:PMN - Get Free Report) was upgraded by Wall Street Zen from a "strong sell" rating to a "sell" rating in a report issued on Saturday.

A number of other analysts have also weighed in on the stock. Weiss Ratings lowered shares of Promis Neurosciences from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, June 11th. Cantor Fitzgerald initiated coverage on shares of Promis Neurosciences in a research note on Tuesday, June 30th. They issued an "overweight" rating for the company. Zacks Research upgraded shares of Promis Neurosciences to a "hold" rating in a report on Tuesday, June 9th. HC Wainwright reissued a "buy" rating on shares of Promis Neurosciences in a research report on Wednesday. Finally, Brookline Capital Markets upgraded shares of Promis Neurosciences to a "strong-buy" rating in a report on Wednesday, May 20th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Promis Neurosciences has an average rating of "Moderate Buy" and an average target price of $24.00.

Promis Neurosciences Price Performance

PMN opened at $15.19 on Friday. Promis Neurosciences has a 12 month low of $6.27 and a 12 month high of $39.75. The stock has a market capitalization of $136.25 million, a price-to-earnings ratio of -1.05 and a beta of -0.23. The business has a fifty day moving average price of $11.32 and a 200 day moving average price of $12.76.

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

Insiders Place Their Bets

In other Promis Neurosciences news, Director Patrick D. Kirwin bought 4,000 shares of the firm's stock in a transaction that occurred on Wednesday, April 22nd. The stock was purchased at an average price of $11.33 per share, for a total transaction of $45,320.00. Following the completion of the purchase, the director directly owned 4,653 shares in the company, valued at $52,718.49. This trade represents a 612.56% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.50% of the stock is currently owned by insiders.

Institutional Trading of Promis Neurosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PMN. Citadel Advisors LLC lifted its position in shares of Promis Neurosciences by 168.1% during 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 during the last quarter. Seven Fleet Capital Management LP purchased a new position in shares of Promis Neurosciences in the 1st quarter valued at $135,000. ADAR1 Capital Management LLC purchased a new position in shares of Promis Neurosciences in the 1st quarter valued at $1,211,000. Armistice Capital LLC raised its stake in Promis Neurosciences by 39.1% during the 3rd quarter. Armistice Capital LLC now owns 2,974,518 shares of the company's stock worth $1,264,000 after acquiring an additional 836,622 shares in the last quarter. Finally, Yu Fan acquired a new stake in Promis Neurosciences during the 1st quarter worth $4,188,000. Institutional investors and hedge funds own 50.13% of the company's stock.

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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