Promis Neurosciences (NASDAQ:PMN) Shares Down 0.1% – Should You Sell?

Shares of Promis Neurosciences (NASDAQ:PMN) fell 0.1% on Thursday . The company traded as low as $7.98 and last traded at $8.1350. 3,223 shares were traded during trading, a decline of 81% from the average session volume of 17,399 shares. The stock had previously closed at $8.14.

Analysts Set New Price Targets

Several research firms recently weighed in on PMN. HC Wainwright restated a “buy” rating and set a $18.00 target price (up previously from $4.00) on shares of Promis Neurosciences in a report on Monday, December 1st. Guggenheim reduced their price objective on Promis Neurosciences from $150.00 to $125.00 and set a “buy” rating on the stock in a research note on Tuesday, November 18th. Wall Street Zen downgraded Promis Neurosciences to a “strong sell” rating in a research report on Saturday, November 29th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Promis Neurosciences in a research note on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.67.

Promis Neurosciences Stock Performance

The firm has a 50 day moving average price of $8.32 and a two-hundred day moving average price of $11.42.

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

Institutional Trading of Promis Neurosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Ally Bridge Group NY LLC boosted its stake in 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 valued at $2,649,000 after acquiring an additional 4,899,069 shares during the last quarter. Armistice Capital LLC raised its stake in shares of Promis Neurosciences by 39.1% in the 3rd quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock valued at $1,264,000 after purchasing an additional 836,622 shares in the last quarter. Finally, Citadel Advisors LLC raised its stake in shares of Promis Neurosciences by 168.1% in the 3rd quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock valued at $72,000 after purchasing an additional 106,650 shares in the last quarter. 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.