Promis Neurosciences (NASDAQ:PMN) Stock Price Target Lowered at Roth Capital

Promis Neurosciences (NASDAQ:PMN) had its target price dropped by investment analysts at Roth Capital from $29.00 to $15.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Roth Capital‘s price objective indicates a potential upside of 400.67% from the company’s current price.

Several other research firms have also weighed in on PMN. Wall Street Zen upgraded shares of Promis Neurosciences from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 18th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Promis Neurosciences in a report on Tuesday, September 8th. Guggenheim reissued a “buy” rating and set a $69.00 target price (up from $35.00) on shares of Promis Neurosciences in a research note on Tuesday, July 28th. Chardan Capital set a $20.00 target price on shares of Promis Neurosciences and gave the stock a “buy” rating in a report on Monday, July 27th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Promis Neurosciences in a report on Monday, October 12th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $30.50.

Promis Neurosciences Trading Down 9.5%

NASDAQ:PMN traded down $0.31 during midday trading on Monday, hitting $3.00. 3,125,299 shares of the stock were exchanged, compared to its average volume of 112,937. Promis Neurosciences has a one year low of $2.84 and a one year high of $27.40. The business has a 50-day moving average price of $11.25 and a two-hundred day moving average price of $12.86. The company has a market capitalization of $26.87 million, a price-to-earnings ratio of -0.35 and a beta of -0.18.

Promis Neurosciences (NASDAQ:PMN) last announced its earnings results on Thursday, August 13th. The company reported ($1.28) earnings per share for the quarter, beating the consensus estimate of ($1.38) by $0.10. Sell-side analysts forecast that Promis Neurosciences will post -5.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Seven Fleet Capital Management LP purchased a new position in shares of Promis Neurosciences in the first quarter worth approximately $135,000. Janus Henderson Group PLC purchased a new stake in shares of Promis Neurosciences in the 1st quarter valued at approximately $16,418,000. Ally Bridge Group NY LLC boosted its stake 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 worth $5,261,000 after purchasing an additional 164,880 shares during the period. Yu Fan acquired a new position in Promis Neurosciences in the 1st quarter worth approximately $4,188,000. Finally, ADAR1 Capital Management LLC acquired a new position in Promis Neurosciences in the 1st quarter worth approximately $1,211,000. 50.13% of the stock is currently owned by institutional investors and hedge funds.

About Promis Neurosciences

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.