Analysts Set Promis Neurosciences (NASDAQ:PMN) Price Target at $24.00

Promis Neurosciences (NASDAQ:PMN) has been given an average rating of “Moderate Buy” by the seven analysts that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and two have given a strong buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $24.00.

PMN has been the subject of a number of research reports. Roth Capital started coverage on shares of Promis Neurosciences in a report on Tuesday, July 7th. They set a “buy” rating and a $19.00 target price for the company. Wall Street Zen raised shares of Promis Neurosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday. Weiss Ratings lowered shares of Promis Neurosciences from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 11th. HC Wainwright reiterated a “buy” rating on shares of Promis Neurosciences in a report on Wednesday. Finally, Cantor Fitzgerald started coverage on shares of Promis Neurosciences in a research note on Tuesday, June 30th. They issued an “overweight” rating on the stock.

Promis Neurosciences Stock Up 14.2%

Promis Neurosciences stock opened at $15.19 on Monday. The business’s 50-day moving average price is $11.32 and its 200 day moving average price is $12.76. The firm has a market cap of $136.25 million, a price-to-earnings ratio of -1.05 and a beta of -0.23. Promis Neurosciences has a 52 week low of $6.27 and a 52 week high of $39.75.

Promis Neurosciences (NASDAQ:PMN) last posted its earnings results on Tuesday, May 12th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.06) by ($0.20). Equities analysts expect that Promis Neurosciences will post -5.13 EPS for the current year.

Insider Activity

In related news, Director Patrick D. Kirwin purchased 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was purchased at an average price of $11.33 per share, with a total value of $45,320.00. Following the completion of the acquisition, the director 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 purchase was disclosed in a legal filing with the SEC, which is available through this link. 1.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Ally Bridge Group NY LLC raised its stake in 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 worth $2,649,000 after purchasing an additional 4,899,069 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. Janus Henderson Group PLC acquired a new position in Promis Neurosciences in the first quarter valued at approximately $16,418,000. Yu Fan acquired a new position in shares of Promis Neurosciences in the 1st quarter valued at $4,188,000. Finally, Citadel Advisors LLC grew its holdings 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 purchasing an additional 106,650 shares during the period. Institutional investors and hedge funds 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.