Promis Neurosciences (NASDAQ:PMN) Stock Rating Lowered by Wall Street Zen

Promis Neurosciences (NASDAQ:PMN) was downgraded by Wall Street Zen to a “strong sell” rating in a research report issued on Saturday.

A number of other brokerages also recently issued reports on PMN. Guggenheim lowered their price target on shares of Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, February 6th. HC Wainwright restated a “buy” rating and set a $18.00 target price (up from $4.00) on shares of Promis Neurosciences in a research report on Monday, December 1st. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Promis Neurosciences in a research note on Thursday, January 22nd. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Promis Neurosciences has a consensus rating of “Moderate Buy” and a consensus price target of $42.67.

Promis Neurosciences Trading Up 1.9%

Shares of PMN stock opened at $15.25 on Friday. Promis Neurosciences has a twelve month low of $6.27 and a twelve month high of $39.75. The stock has a market cap of $32.79 million, a P/E ratio of -0.80 and a beta of -0.08. The stock has a 50 day moving average of $9.77 and a 200 day moving average of $10.94.

Insiders Place Their Bets

In other Promis Neurosciences news, major shareholder Abg Management Ltd. acquired 700,741 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was bought at an average price of $12.13 per share, with a total value of $8,499,988.33. Following the purchase, the insider owned 943,090 shares in the company, valued at approximately $11,439,681.70. The trade was a 289.15% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 3.80% 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 company. Citadel Advisors LLC raised 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. Armistice Capital LLC raised its position in shares of Promis Neurosciences by 39.1% during the 3rd quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock valued at $1,264,000 after buying an additional 836,622 shares during the period. Finally, Ally Bridge Group NY LLC lifted its holdings in Promis Neurosciences by 367.1% in 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 last quarter. 50.13% of the stock is currently owned by institutional investors and hedge funds.

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.