Promis Neurosciences (NASDAQ:PMN) Price Target Cut to $35.00 by Analysts at Guggenheim

Promis Neurosciences (NASDAQ:PMN) had its price objective reduced by Guggenheim from $125.00 to $35.00 in a research note released on Friday morning,Benzinga reports. Guggenheim currently has a buy rating on the stock.

PMN has been the subject of several other research reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Promis Neurosciences in a report on Thursday, January 22nd. HC Wainwright reissued a “buy” rating and issued a $18.00 price objective (up previously from $4.00) on shares of Promis Neurosciences in a report on Monday, December 1st. Finally, Wall Street Zen downgraded Promis Neurosciences to a “strong sell” rating in a research note on Saturday, November 29th. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.67.

Promis Neurosciences Stock Performance

Shares of Promis Neurosciences stock opened at $12.73 on Friday. The company has a market capitalization of $27.37 million, a PE ratio of -0.67 and a beta of -0.08. The company has a 50-day simple moving average of $9.07 and a two-hundred day simple moving average of $11.36. Promis Neurosciences has a one year low of $6.27 and a one year high of $39.75.

Promis Neurosciences (NASDAQ:PMN) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($6.00) EPS for the quarter, missing analysts’ consensus estimates of ($3.75) by ($2.25). On average, equities analysts predict that Promis Neurosciences will post -0.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Promis Neurosciences news, major shareholder Abg Management Ltd. bought 700,741 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were acquired at an average cost of $12.13 per share, for a total transaction of $8,499,988.33. Following the acquisition, the insider directly owned 943,090 shares of the company’s stock, valued at $11,439,681.70. This trade represents a 289.15% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 3.80% of the company’s stock.

Institutional Trading of Promis Neurosciences

Institutional investors have recently bought and sold shares of the company. Armistice Capital LLC boosted its position in shares of Promis Neurosciences by 39.1% in the third quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock valued at $1,264,000 after acquiring an additional 836,622 shares during the period. Citadel Advisors LLC lifted its stake in Promis Neurosciences by 168.1% during the third quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock worth $72,000 after purchasing an additional 106,650 shares during the period. Finally, Ally Bridge Group NY LLC lifted its holdings in shares of Promis Neurosciences by 367.1% during the third quarter. Ally Bridge Group NY LLC now owns 6,233,497 shares of the company’s stock valued at $2,649,000 after acquiring an additional 4,899,069 shares during the period. 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.