Brokerages Set Promis Neurosciences (NASDAQ:PMN) Target Price at $42.67

Shares of Promis Neurosciences (NASDAQ:PMN) have been assigned an average recommendation of “Moderate Buy” from the four ratings firms that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation and three have given a buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $42.6667.

PMN has been the subject of a number of recent analyst reports. Guggenheim reduced their price objective on Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, February 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Promis Neurosciences in a research note on Thursday, January 22nd. Finally, Wall Street Zen downgraded Promis Neurosciences to a “strong sell” rating in a research note on Saturday, February 14th.

Promis Neurosciences Price Performance

Shares of NASDAQ:PMN opened at $10.70 on Friday. The company has a market capitalization of $23.01 million, a PE ratio of -0.56 and a beta of -0.17. The business has a fifty day moving average price of $16.81 and a two-hundred day moving average price of $12.05. Promis Neurosciences has a 1 year low of $6.27 and a 1 year high of $39.75.

Insider Transactions at Promis Neurosciences

In other news, Director Eugene Williams purchased 2,000 shares of the business’s stock in a transaction dated Wednesday, March 4th. The stock was bought at an average price of $24.00 per share, for a total transaction of $48,000.00. Following the purchase, the director owned 12,397 shares of the company’s stock, valued at $297,528. The trade was a 19.24% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Abg Management Ltd. purchased 700,741 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The shares were purchased at an average price of $12.13 per share, with a total value of $8,499,988.33. Following the purchase, the insider directly owned 943,090 shares in the company, valued at $11,439,681.70. This trade represents a 289.15% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders bought 705,370 shares of company stock worth $8,595,523. 3.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PMN. Citadel Advisors LLC grew its stake 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 acquiring an additional 106,650 shares during the period. Armistice Capital LLC grew its stake 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 worth $1,264,000 after acquiring an additional 836,622 shares during the period. Finally, Ally Bridge Group NY LLC grew its stake in shares of Promis Neurosciences by 367.1% during the 3rd quarter. Ally Bridge Group NY LLC now owns 6,233,497 shares of the company’s stock worth $2,649,000 after acquiring an additional 4,899,069 shares during the period. Institutional investors own 50.13% of the company’s stock.

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.