Brokerages Set Promis Neurosciences (NASDAQ:PMN) Target Price at $24.00

Promis Neurosciences (NASDAQ:PMN) has been given a consensus recommendation of “Moderate Buy” by the seven brokerages that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, three have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $24.00.

PMN has been the subject of several research reports. Cantor Fitzgerald assumed coverage on Promis Neurosciences in a research note on Tuesday, June 30th. They set an “overweight” rating for the company. Weiss Ratings downgraded shares of Promis Neurosciences from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 11th. HC Wainwright restated a “buy” rating on shares of Promis Neurosciences in a report on Wednesday. Zacks Research upgraded shares of Promis Neurosciences to a “hold” rating in a research report on Tuesday, June 9th. Finally, Wall Street Zen raised shares of Promis Neurosciences from a “strong sell” rating to a “sell” rating in a report on Saturday.

Promis Neurosciences Price Performance

NASDAQ PMN opened at $15.19 on Monday. Promis Neurosciences has a 1-year low of $6.27 and a 1-year high of $39.75. The company has a market capitalization of $136.25 million, a P/E ratio of -1.05 and a beta of -0.23. The business has a 50 day moving average price of $11.32 and a 200 day moving average price of $12.80.

Promis Neurosciences (NASDAQ:PMN) last posted its earnings results 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, research analysts expect that Promis Neurosciences will post -5.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Promis Neurosciences

In related news, Director Patrick D. Kirwin acquired 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was purchased at an average cost of $11.33 per share, for a total transaction of $45,320.00. Following the transaction, the director directly owned 4,653 shares of the company’s stock, valued at approximately $52,718.49. This trade represents a 612.56% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Promis Neurosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Seven Fleet Capital Management LP acquired a new stake in shares of Promis Neurosciences during the first quarter valued at $135,000. ADAR1 Capital Management LLC acquired a new position in Promis Neurosciences in the 1st quarter valued at about $1,211,000. 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 valued at $72,000 after purchasing an additional 106,650 shares in the last quarter. Ally Bridge Group NY LLC lifted its holdings in Promis Neurosciences by 66.1% in the 1st quarter. Ally Bridge Group NY LLC now owns 414,219 shares of the company’s stock valued at $5,261,000 after purchasing an additional 164,880 shares in the last quarter. Finally, Yu Fan acquired a new stake in shares of Promis Neurosciences during the 1st quarter worth about $4,188,000. Hedge funds and other institutional investors own 50.13% of the company’s stock.

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.