Promis Neurosciences (NASDAQ:PMN) Stock Has Consensus Price Target of $30.50

Shares of Promis Neurosciences (NASDAQ:PMN) have earned an average recommendation of “Moderate Buy” from the eight research firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation, five have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $30.50.

PMN has been the subject of several research reports. Weiss Ratings raised Promis Neurosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, November 2nd. Wall Street Zen upgraded shares of Promis Neurosciences from a “sell” rating to a “hold” rating in a research report on Saturday. HC Wainwright reiterated a “buy” rating on shares of Promis Neurosciences in a research report on Monday, October 12th. Chardan Capital set a $20.00 price target on shares of Promis Neurosciences and gave the company a “buy” rating in a report on Monday, July 27th. Finally, Roth Capital reduced their price objective on shares of Promis Neurosciences to $15.00 and set a “buy” rating for the company in a research report on Monday, November 2nd.

Promis Neurosciences Stock Down 5.5%

PMN traded down $0.19 during trading on Friday, reaching $3.29. The stock had a trading volume of 156,542 shares, compared to its average volume of 414,629. The stock has a 50 day moving average of $9.17 and a two-hundred day moving average of $12.61. The firm has a market capitalization of $29.51 million, a price-to-earnings ratio of -0.39 and a beta of -0.19. Promis Neurosciences has a 1-year low of $2.78 and a 1-year high of $27.40.

Promis Neurosciences (NASDAQ:PMN) last issued its quarterly earnings results on Thursday, November 12th. The company reported ($0.89) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.28) by $0.39. On average, research analysts forecast that Promis Neurosciences will post -5.07 EPS for the current fiscal year.

Insider Buying and Selling

In other Promis Neurosciences news, insider Neil Cashman bought 10,000 shares of the company’s stock in a transaction that occurred on Monday, November 2nd. The shares were acquired at an average cost of $3.86 per share, for a total transaction of $38,600.00. Following the acquisition, the insider directly owned 14,532 shares of the company’s stock, valued at $56,093.52. This trade represents a 220.65% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Eugene Williams bought 26,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 4th. The shares were acquired at an average cost of $3.43 per share, with a total value of $90,895.00. Following the completion of the purchase, the director owned 40,213 shares of the company’s stock, valued at approximately $137,930.59. The trade was a 193.25% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 37,816 shares of company stock worth $134,746 over the last quarter. Insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PMN. Seven Fleet Capital Management LP acquired a new stake in shares of Promis Neurosciences during the 1st quarter valued at $135,000. ADAR1 Capital Management LLC bought a new stake in shares of Promis Neurosciences during the 1st quarter worth $1,211,000. Yu Fan acquired a new position in shares of Promis Neurosciences in the 1st quarter worth $4,188,000. Ally Bridge Group NY LLC grew 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 worth $5,261,000 after acquiring an additional 164,880 shares during the last quarter. Finally, Janus Henderson Group PLC acquired a new stake in shares of Promis Neurosciences during the first quarter worth $16,418,000. Institutional investors own 50.13% of the company’s stock.

Promis Neurosciences Company Profile

ProMIS Neurosciences Inc. is a clinical-stage biotechnology company developing antibody-based treatments for neurodegenerative diseases. Its research focuses on misfolded proteins that may contribute to these conditions. The company’s technology is designed to identify disease-associated forms of proteins while distinguishing them from their normally functioning counterparts. Its lead program, PMN310, is an antibody candidate targeting toxic amyloid-beta oligomers for the potential treatment of Alzheimer’s disease.