Promis Neurosciences (NASDAQ:PMN) Stock Falls 0.4% – What’s Next?

by · The Markets Daily

Promis Neurosciences (NASDAQ:PMN – Get Free Report) shares fell 0.4% during mid-day trading on Tuesday. The stock traded as low as $13.45 and last traded at $13.58. 94,201 shares traded hands during trading, an increase of 136% from the average daily volume of 39,850 shares. The stock had previously closed at $13.63.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Roth Capital set a $29.00 target price on shares of Promis Neurosciences in a research note on Friday, August 21st. Wall Street Zen raised shares of Promis Neurosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 18th. Zacks Research upgraded Promis Neurosciences to a “hold” rating in a report on Tuesday, June 9th. HC Wainwright reiterated a “buy” rating on shares of Promis Neurosciences in a research note on Wednesday, July 15th. Finally, Chardan Capital set a $20.00 target price on Promis Neurosciences and gave the company a “buy” rating in a report on Monday, July 27th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $34.00.

View Our Latest Analysis on PMN

Promis Neurosciences Stock Down 10.6%

The firm has a market capitalization of $103.78 million, a PE ratio of -1.35 and a beta of -0.24. The business has a 50-day moving average price of $13.88 and a 200-day moving average price of $13.07.

Promis Neurosciences (NASDAQ:PMN – Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The company reported ($1.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.38) by $0.10. On average, equities research analysts anticipate that Promis Neurosciences will post -5.14 earnings per share for the current year.

Institutional Trading of Promis Neurosciences

Institutional investors have recently made changes to their positions in the company. Ally Bridge Group NY LLC grew its position in Promis Neurosciences by 66.1% in the first 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 period. Yu Fan acquired 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 during the 1st quarter worth $16,418,000. ADAR1 Capital Management LLC purchased a new position in shares of Promis Neurosciences during the 1st quarter worth $1,211,000. Finally, Seven Fleet Capital Management LP acquired a new stake in shares of Promis Neurosciences during the 1st quarter worth about $135,000. Hedge funds and other institutional investors own 50.13% of the company’s stock.

Promis Neurosciences Company Profile

(Get Free Report)

ProMIS Neurosciences Inc is a biotechnology company focused on developing therapeutics for neurodegenerative diseases. The company uses its Misfolded Protein Targeting platform to identify toxic forms of proteins associated with disease while aiming to avoid binding to their normal, healthy counterparts.

ProMIS’s lead program is PMN310, an investigational antibody designed to selectively target toxic amyloid-beta oligomers implicated in Alzheimer’s disease. The company is also researching antibody-based approaches for other neurodegenerative conditions, including diseases associated with misfolded TDP-43 proteins, such as amyotrophic lateral sclerosis and frontotemporal dementia.

Headquartered in Toronto, Canada, ProMIS conducts research and clinical development activities in the biotechnology and neuroscience sectors, with its programs intended for potential global use.

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