Promis Neurosciences (NASDAQ:PMN) Cut to Strong Sell at Wall Street Zen

Wall Street Zen downgraded shares of Promis Neurosciences (NASDAQ:PMN) to a strong sell rating in a report published on Saturday.

Other equities analysts have also issued research reports about the stock. Guggenheim decreased their price objective on shares of Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, February 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Promis Neurosciences in a research report on Thursday, January 22nd. Finally, HC Wainwright reiterated a “buy” rating and set a $18.00 price target (up previously from $4.00) on shares of Promis Neurosciences in a report on Monday, December 1st. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $42.67.

Promis Neurosciences Trading Up 1.9%

PMN stock opened at $15.25 on Friday. Promis Neurosciences has a one year low of $6.27 and a one year high of $39.75. The firm has a 50-day moving average of $9.92 and a two-hundred day moving average of $10.91. The firm has a market capitalization of $32.79 million, a PE ratio of -0.80 and a beta of -0.08.

Insider Activity

In other news, major shareholder Abg Management Ltd. bought 700,741 shares of the stock in a transaction on Tuesday, February 3rd. The shares were purchased at an average price of $12.13 per share, for a total transaction of $8,499,988.33. Following the completion of the purchase, the insider directly owned 943,090 shares of the company’s stock, valued at $11,439,681.70. This trade represents a 289.15% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate 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 grew its stake in shares of 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 buying an additional 106,650 shares in the last quarter. Armistice Capital LLC grew its position in Promis Neurosciences by 39.1% in the third 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 in the last quarter. Finally, Ally Bridge Group NY LLC increased its stake 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 last quarter. 50.13% of the stock is currently owned by institutional investors and hedge funds.

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.