Yu Fan Buys Shares of 329,760 Promis Neurosciences $PMN

Yu Fan bought a new stake in shares of Promis Neurosciences (NASDAQ:PMN) during the first quarter, HoldingsChannel.com reports. The fund bought 329,760 shares of the company’s stock, valued at approximately $4,188,000. Promis Neurosciences makes up about 4.3% of Yu Fan’s holdings, making the stock its 7th largest holding.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Armistice Capital LLC lifted 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 during the last quarter. Citadel Advisors LLC boosted its holdings in 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 period. Finally, ADAR1 Capital Management LLC bought a new position in Promis Neurosciences in the 1st quarter valued at $1,211,000. 50.13% of the stock is currently owned by hedge funds and other institutional investors.

Promis Neurosciences Stock Up 23.9%

PMN opened at $14.52 on Wednesday. The stock’s fifty day moving average is $11.74 and its two-hundred day moving average is $13.10. The company has a market capitalization of $130.22 million, a P/E ratio of -1.00 and a beta of -0.23. Promis Neurosciences has a 52 week low of $6.27 and a 52 week high of $27.40.

Promis Neurosciences (NASDAQ:PMN) last issued its earnings results on Tuesday, May 12th. The company reported ($1.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.20). Equities analysts anticipate that Promis Neurosciences will post -5.13 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PMN. Chardan Capital set a $20.00 target price on Promis Neurosciences and gave the stock a “buy” rating in a research note on Monday. HC Wainwright reissued a “buy” rating on shares of Promis Neurosciences in a research note on Wednesday, July 15th. Brookline Capital Markets raised shares of Promis Neurosciences to a “strong-buy” rating in a research note on Wednesday, May 20th. Weiss Ratings lowered shares of Promis Neurosciences from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 11th. Finally, Roth Capital started coverage on shares of Promis Neurosciences in a research note on Tuesday, July 7th. They issued a “buy” rating and a $19.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Promis Neurosciences currently has a consensus rating of “Moderate Buy” and an average price target of $23.00.

Promis Neurosciences 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.