Promis Neurosciences (NASDAQ:PMN) Receives $42.67 Consensus Target Price from Analysts

Shares of Promis Neurosciences (NASDAQ:PMN) have earned a consensus recommendation of “Moderate Buy” from the four brokerages that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating and three have given a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $42.6667.

Several equities analysts have recently commented on PMN shares. Wall Street Zen cut shares of Promis Neurosciences to a “strong sell” rating in a report on Saturday. Guggenheim lowered their target price on Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, February 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Promis Neurosciences in a research report on Thursday, January 22nd. Finally, HC Wainwright reiterated a “buy” rating and set a $18.00 price target (up from $4.00) on shares of Promis Neurosciences in a report on Monday, December 1st.

Insider Transactions at Promis Neurosciences

In other Promis Neurosciences news, major shareholder Abg Management Ltd. purchased 700,741 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The shares were acquired at an average price of $12.13 per share, for a total transaction of $8,499,988.33. Following the acquisition, the insider owned 943,090 shares of the company’s stock, valued at $11,439,681.70. This trade represents a 289.15% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 3.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Promis Neurosciences

Several institutional investors have recently bought and sold shares of the stock. Armistice Capital LLC boosted 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 in the last quarter. Citadel Advisors LLC lifted its holdings in Promis Neurosciences by 168.1% in 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 last quarter. Finally, Ally Bridge Group NY LLC lifted its holdings in Promis Neurosciences by 367.1% in the 3rd 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 last quarter. 50.13% of the stock is currently owned by institutional investors.

Promis Neurosciences Stock Performance

PMN stock opened at $16.17 on Friday. The firm has a 50 day simple moving average of $10.08 and a 200 day simple moving average of $10.89. Promis Neurosciences has a 52 week low of $6.27 and a 52 week high of $39.75. The stock has a market cap of $34.77 million, a P/E ratio of -0.85 and a beta of -0.08.

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.