Promis Neurosciences (NASDAQ:PMN) Stock Gets Price Target Reduction from Roth Capital

Promis Neurosciences (NASDAQ:PMN) had its target price cut by research analysts at Roth Capital to $15.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Roth Capital‘s price target would indicate a potential upside of 409.86% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Wall Street Zen upgraded Promis Neurosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, July 18th. Chardan Capital set a $20.00 price target on Promis Neurosciences and gave the stock a “buy” rating in a report on Monday, July 27th. HC Wainwright reiterated a “buy” rating on shares of Promis Neurosciences in a report on Monday, October 12th. Guggenheim reiterated a “buy” rating and issued a $69.00 price target (up from $35.00) on shares of Promis Neurosciences in a report on Tuesday, July 28th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Promis Neurosciences in a report on Tuesday, September 8th. One research analyst has rated the stock with a Strong Buy rating, five have issued 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 company presently has a consensus rating of “Moderate Buy” and an average price target of $30.50.

Promis Neurosciences Price Performance

Shares of NASDAQ:PMN traded down $0.37 during trading on Monday, hitting $2.94. The company had a trading volume of 3,173,988 shares, compared to its average volume of 113,105. The stock has a market cap of $26.39 million, a price-to-earnings ratio of -0.35 and a beta of -0.18. Promis Neurosciences has a one year low of $2.78 and a one year high of $27.40. The company has a fifty day simple moving average of $11.25 and a two-hundred day simple moving average of $12.86.

Promis Neurosciences (NASDAQ:PMN) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($1.28) earnings per share for the quarter, topping the consensus estimate of ($1.38) by $0.10. On average, equities research analysts anticipate that Promis Neurosciences will post -5.07 earnings per share for the current year.

Institutional Investors Weigh In On Promis Neurosciences

A number of institutional investors and hedge funds have recently bought and sold shares of PMN. Ally Bridge Group NY LLC increased its holdings in shares of 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 acquiring an additional 164,880 shares during the period. Yu Fan purchased a new position in shares of Promis Neurosciences in the 1st quarter valued at $4,188,000. Janus Henderson Group PLC purchased a new position in shares of Promis Neurosciences in the 1st quarter valued at $16,418,000. ADAR1 Capital Management LLC purchased a new position in shares of Promis Neurosciences in the 1st quarter valued at $1,211,000. Finally, Seven Fleet Capital Management LP purchased a new position in shares of Promis Neurosciences in the 1st quarter valued at $135,000. 50.13% of the stock is owned by institutional investors.

Promis Neurosciences Company Profile

ProMIS Neurosciences Inc (NASDAQ: PMN) is a clinical-stage biotechnology company developing precision medicines for neurodegenerative diseases. The company’s research focuses on misfolded proteins, which can form toxic structures associated with conditions such as Alzheimer’s disease, amyotrophic lateral sclerosis and other neurological disorders.

ProMIS uses its proprietary target-discovery platform to identify disease-specific toxic protein conformations and develop antibodies intended to selectively bind and neutralize them while avoiding healthy forms of the same proteins.