Promis Neurosciences Stock Scheduled to Reverse Split on Friday, November 28th (NASDAQ:PMN)

Shares of Promis Neurosciences (NASDAQ:PMN) are scheduled to reverse split on Friday, November 28th. The 1-25 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Thursday, November 27th.

Promis Neurosciences Stock Down 22.4%

PMN stock traded down $0.09 during trading on Monday, hitting $0.33. 3,952,178 shares of the company’s stock traded hands, compared to its average volume of 498,175. Promis Neurosciences has a 52 week low of $0.30 and a 52 week high of $1.59. The stock has a fifty day moving average price of $0.43 and a two-hundred day moving average price of $0.51.

Promis Neurosciences (NASDAQ:PMN) last announced its quarterly earnings data on Wednesday, November 12th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.09). Research analysts predict that Promis Neurosciences will post -0.24 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Guggenheim cut their price objective on shares of Promis Neurosciences from $6.00 to $5.00 and set a “buy” rating on the stock in a research report on Tuesday, November 18th. HC Wainwright restated a “buy” rating and issued a $4.00 target price on shares of Promis Neurosciences in a research report on Friday. Wall Street Zen lowered Promis Neurosciences to a “strong sell” rating in a research report on Saturday, October 11th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Promis Neurosciences in a report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $4.00.

Institutional Trading of Promis Neurosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in PMN. Ally Bridge Group NY LLC lifted its stake in Promis Neurosciences by 367.1% during 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 purchasing an additional 4,899,069 shares during the last quarter. Armistice Capital LLC increased its holdings in shares of 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 buying an additional 836,622 shares in the last quarter. Allostery Investments LP lifted its position in shares of Promis Neurosciences by 19.8% during the 1st quarter. Allostery Investments LP now owns 233,703 shares of the company’s stock valued at $165,000 after acquiring an additional 38,592 shares during the last quarter. Finally, Citadel Advisors LLC lifted its position in shares of Promis Neurosciences by 168.1% during the 3rd 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 currently owned by institutional investors.

About Promis Neurosciences

ProMIS Neurosciences, Inc discovers and develops antibody therapies and therapeutic vaccines neurodegenerative diseases and other misfolded protein diseases in Canada. The company’s proprietary discovery platform comprises ProMIS and Collective Coordinates algorithms to predict novel targets known as disease specific epitopes on the molecular surface of misfolded proteins.