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

Wall Street Zen upgraded shares of Promis Neurosciences (NASDAQ:PMN) from a strong sell rating to a sell rating in a research report report published on Saturday morning.

A number of other research firms have also recently weighed in on PMN. Cantor Fitzgerald assumed coverage on Promis Neurosciences in a report on Tuesday, June 30th. They issued an “overweight” rating for the company. Roth Capital assumed coverage on shares of Promis Neurosciences in a research note on Tuesday, July 7th. They set a “buy” rating and a $19.00 price objective on the stock. Brookline Capital Markets raised shares of Promis Neurosciences to a “strong-buy” rating in a research report on Wednesday, May 20th. HC Wainwright restated a “buy” rating on shares of Promis Neurosciences in a research note on Wednesday, July 15th. Finally, Weiss Ratings downgraded shares of Promis Neurosciences from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 11th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $24.00.

Promis Neurosciences Trading Down 0.8%

Shares of NASDAQ PMN opened at $15.07 on Friday. The stock has a fifty day moving average price of $11.41 and a 200 day moving average price of $12.86. Promis Neurosciences has a 12-month low of $6.27 and a 12-month high of $39.75. The company has a market cap of $135.18 million, a P/E ratio of -1.04 and a beta of -0.23.

Promis Neurosciences (NASDAQ:PMN) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($1.26) EPS for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.20). On average, sell-side analysts forecast that Promis Neurosciences will post -5.13 EPS for the current fiscal year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Promis Neurosciences

Several institutional investors and hedge funds have recently made changes to their positions in PMN. Seven Fleet Capital Management LP acquired a new stake in Promis Neurosciences in the first quarter valued at $135,000. ADAR1 Capital Management LLC acquired a new position in Promis Neurosciences during the 1st quarter worth $1,211,000. Citadel Advisors LLC grew its holdings in 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 in the last quarter. Yu Fan acquired a new position in Promis Neurosciences during the 1st quarter worth $4,188,000. Finally, Ally Bridge Group NY LLC increased its position in shares of Promis Neurosciences by 66.1% in the 1st quarter. Ally Bridge Group NY LLC now owns 414,219 shares of the company’s stock worth $5,261,000 after purchasing an additional 164,880 shares during the last quarter. 50.13% of the stock is currently owned by hedge funds and other institutional investors.

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.