Promis Neurosciences (NASDAQ:PMN) Stock Bumped Up to “Hold” by Wall Street Zen

Promis Neurosciences (NASDAQ:PMN) was upgraded by research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday, Wall Street Zen reports.

Several other brokerages have also recently issued reports on PMN. Weiss Ratings upgraded Promis Neurosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, November 2nd. Chardan Capital set a $20.00 price objective on Promis Neurosciences and gave the stock a “buy” rating in a research note on Monday, July 27th. Roth Capital dropped their target price on shares of Promis Neurosciences to $15.00 and set a “buy” rating on the stock in a report on Monday, November 2nd. Guggenheim restated a “buy” rating and issued a $69.00 price target (up from $35.00) on shares of Promis Neurosciences in a research report on Tuesday, July 28th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Promis Neurosciences in a report on Monday, October 12th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.50.

Promis Neurosciences Stock Performance

Shares of Promis Neurosciences stock opened at $3.29 on Friday. The firm’s 50-day simple moving average is $9.17 and its 200-day simple moving average is $12.61. Promis Neurosciences has a 1 year low of $2.78 and a 1 year high of $27.40.

Promis Neurosciences (NASDAQ:PMN) last issued its quarterly earnings results on Thursday, November 12th. The company reported ($0.89) EPS for the quarter, topping the consensus estimate of ($1.28) by $0.39. As a group, equities research analysts expect that Promis Neurosciences will post -5.07 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Eugene Williams purchased 26,500 shares of the stock in a transaction dated Wednesday, November 4th. The stock was acquired at an average price of $3.43 per share, for a total transaction of $90,895.00. Following the completion of the transaction, the director owned 40,213 shares of the company’s stock, valued at approximately $137,930.59. The trade was a 193.25% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Neil Cashman purchased 10,000 shares of the stock in a transaction dated Monday, November 2nd. The shares were purchased at an average price of $3.86 per share, with a total value of $38,600.00. Following the transaction, the insider directly owned 14,532 shares of the company’s stock, valued at approximately $56,093.52. The trade was a 220.65% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired 37,816 shares of company stock worth $134,746 over the last quarter. 1.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Janus Henderson Group PLC bought a new position in Promis Neurosciences in the 1st quarter worth about $16,418,000. Ally Bridge Group NY LLC raised its holdings in shares of Promis Neurosciences by 66.1% during the first quarter. Ally Bridge Group NY LLC now owns 414,219 shares of the company’s stock valued at $5,261,000 after buying an additional 164,880 shares during the last quarter. Yu Fan bought a new stake in shares of Promis Neurosciences during the first quarter valued at approximately $4,188,000. ADAR1 Capital Management LLC bought a new stake in shares of Promis Neurosciences during the first quarter valued at approximately $1,211,000. Finally, Seven Fleet Capital Management LP acquired a new position in shares of Promis Neurosciences during the first quarter worth approximately $135,000. 50.13% of the stock is owned by institutional investors and hedge funds.

About Promis Neurosciences

ProMIS Neurosciences Inc. is a clinical-stage biotechnology company developing antibody-based treatments for neurodegenerative diseases. Its research focuses on misfolded proteins that may contribute to these conditions. The company’s technology is designed to identify disease-associated forms of proteins while distinguishing them from their normally functioning counterparts. Its lead program, PMN310, is an antibody candidate targeting toxic amyloid-beta oligomers for the potential treatment of Alzheimer’s disease.