Brokerages Set Promis Neurosciences (NASDAQ:PMN) Target Price at $42.67

Shares of Promis Neurosciences (NASDAQ:PMN) have received a consensus recommendation of “Moderate Buy” from the four ratings firms that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating and three have assigned a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $42.6667.

Several analysts have recently commented on the company. Wall Street Zen cut Promis Neurosciences to a “strong sell” rating in a research 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. HC Wainwright reissued a “buy” rating and issued a $18.00 price target (up from $4.00) on shares of Promis Neurosciences in a research report on Monday, December 1st. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Promis Neurosciences in a report on Thursday, January 22nd.

Insider Buying and Selling at Promis Neurosciences

In other news, major shareholder Abg Management Ltd. acquired 700,741 shares of Promis Neurosciences stock in a transaction that occurred on Tuesday, February 3rd. The stock was purchased at an average price of $12.13 per share, with a total value of $8,499,988.33. Following the completion of the transaction, the insider owned 943,090 shares in the company, valued at approximately $11,439,681.70. This trade represents a 289.15% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Promis Neurosciences

Institutional investors have recently made changes to their positions in the company. Citadel Advisors LLC increased 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 valued at $72,000 after acquiring an additional 106,650 shares during the last quarter. Armistice Capital LLC grew its position in Promis Neurosciences by 39.1% in the 3rd quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock worth $1,264,000 after purchasing an additional 836,622 shares during the last quarter. Finally, Ally Bridge Group NY LLC increased its holdings in shares of 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 worth $2,649,000 after purchasing an additional 4,899,069 shares during the period. 50.13% of the stock is currently owned by institutional investors and hedge funds.

Promis Neurosciences Stock Performance

Shares of NASDAQ:PMN opened at $15.25 on Friday. The firm has a 50 day simple moving average of $9.77 and a 200 day simple moving average of $10.94. Promis Neurosciences has a 52 week low of $6.27 and a 52 week high of $39.75. The company has a market cap of $32.79 million, a PE ratio of -0.80 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.