Promis Neurosciences (NASDAQ:PMN) Upgraded at Brookline Capital Markets

Promis Neurosciences (NASDAQ:PMN) was upgraded by Brookline Capital Markets to a “strong-buy” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Several other analysts have also recently weighed in on the stock. Guggenheim decreased their price objective on shares of Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, February 6th. Wall Street Zen cut shares of Promis Neurosciences to a “strong sell” rating in a research note on Saturday, February 14th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Promis Neurosciences in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Promis Neurosciences presently has a consensus rating of “Moderate Buy” and an average price target of $26.50.

Promis Neurosciences Trading Down 0.5%

Shares of Promis Neurosciences stock opened at $10.60 on Wednesday. The stock has a market capitalization of $95.08 million, a price-to-earnings ratio of -0.73 and a beta of -0.20. Promis Neurosciences has a 1-year low of $6.27 and a 1-year high of $39.75. The firm’s 50-day moving average price is $13.22 and its two-hundred day moving average price is $11.99.

Promis Neurosciences (NASDAQ:PMN) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($1.26) earnings per share for the quarter, missing the consensus estimate of ($1.06) by ($0.20).

Insider Activity at Promis Neurosciences

In related news, Director Patrick D. Kirwin purchased 4,000 shares of the firm’s stock in a transaction dated Wednesday, April 22nd. The shares were acquired at an average cost of $11.33 per share, with a total value of $45,320.00. Following the completion of the purchase, the director directly owned 4,653 shares of the company’s stock, valued at $52,718.49. This trade represents a 612.56% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eugene Williams purchased 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The shares were bought at an average cost of $24.00 per share, for a total transaction of $48,000.00. Following the completion of the purchase, the director directly owned 12,397 shares of the company’s stock, valued at $297,528. The trade was a 19.24% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 7,000 shares of company stock worth $115,850 over the last three months. 1.50% of the stock is owned by insiders.

Institutional Trading of Promis Neurosciences

Hedge funds have recently modified their holdings of the stock. Ally Bridge Group NY LLC boosted its stake in Promis Neurosciences by 367.1% in the third quarter. Ally Bridge Group NY LLC now owns 6,233,497 shares of the company’s stock valued at $2,649,000 after acquiring an additional 4,899,069 shares during the last quarter. Janus Henderson Group PLC bought a new position in Promis Neurosciences in the first quarter valued at approximately $16,418,000. Armistice Capital LLC boosted its stake in Promis Neurosciences by 39.1% in the third quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock valued at $1,264,000 after acquiring an additional 836,622 shares during the last quarter. Yu Fan bought a new position in Promis Neurosciences in the first quarter valued at approximately $4,188,000. Finally, Citadel Advisors LLC boosted its stake in Promis Neurosciences by 168.1% in the third 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 last quarter. 50.13% of the stock is owned by institutional investors.

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.