Promis Neurosciences (NASDAQ:PMN) has seen its price target significantly reduced from $125.00 to $35.00 by analysts at Guggenheim. This change, communicated in a note to investors on November 10, 2023, still maintains a “buy” rating for the stock. The revised target suggests a potential upside of 159.55% based on the company’s current trading price.
Other analysts have also expressed their views on Promis Neurosciences recently. On December 1, 2023, HC Wainwright reaffirmed a “buy” rating, increasing its price target to $18.00, up from a previous $4.00. In contrast, Wall Street Zen rated the stock as a “strong sell” on November 29, 2023, while Weiss Ratings maintained a “sell (e+)” rating in a research note on January 22, 2024. Currently, three analysts have rated the stock as a buy, while one analyst has issued a sell rating. According to data from MarketBeat.com, Promis Neurosciences holds an average rating of “Moderate Buy” with a consensus target price of $42.67.
Recent Earnings Report and Insider Activity
Promis Neurosciences released its earnings results on November 12, 2023, revealing a loss of ($6.00) earnings per share for the quarter, which fell short of the consensus estimate of ($3.75) by ($2.25). Analysts expect the company to report an average loss of ($0.24) EPS for the current year.
In a notable development, major shareholder Abg Management Ltd. purchased 700,741 shares of Promis Neurosciences on February 3, 2024, at an average price of $12.13 per share, totaling approximately $8.5 million. This transaction increased their holdings to 943,090 shares, with a total valuation of around $11.4 million, marking a 289.15% increase in their position. The acquisition was disclosed to the Securities and Exchange Commission (SEC) and is publicly accessible.
Institutional Investor Activity
Several hedge funds and institutional investors have recently adjusted their stakes in Promis Neurosciences. Armistice Capital LLC increased its position by 39.1% during the third quarter, now owning 2,974,518 shares valued at approximately $1.26 million after acquiring 836,622 additional shares. Citadel Advisors LLC raised its stake by 168.1%, securing 170,079 shares worth about $72,000 after purchasing 106,650 shares.
Furthermore, Ally Bridge Group NY LLC significantly expanded its holdings by 367.1%, acquiring an additional 4,899,069 shares to reach a total of 6,233,497. This investment is valued at around $2.65 million. Overall, institutional investors now hold 50.13% of Promis Neurosciences’ stock.
Promis Neurosciences is a clinical-stage biopharmaceutical company dedicated to developing innovative therapeutics targeting central nervous system disorders. Its research emphasizes cognitive impairment and neurological symptoms related to conditions such as Alzheimer’s disease and multiple sclerosis. The company utilizes a proprietary small-molecule discovery platform to advance both preclinical and early clinical candidates aimed at modulating neural pathways critical for memory, learning, and neuroinflammation.
This situation reflects the ongoing volatility and investor interest in Promis Neurosciences, highlighting the challenges and potential opportunities for stakeholders in the biopharmaceutical sector.
