Promis Neurosciences (NASDAQ:PMN) Director Buys $48,000.00 in Stock

Promis Neurosciences (NASDAQ:PMN) Director Eugene Williams bought 2,000 shares of Promis Neurosciences stock in a transaction dated Wednesday, March 4th. The shares were acquired at an average price of $24.00 per share, with a total value of $48,000.00. Following the completion of the purchase, the director directly owned 12,397 shares in the company, valued at $297,528. This trade represents a 19.24% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Eugene Williams also recently made the following trade(s):

• On Monday, March 2nd, Eugene Williams bought 1,000 shares of Promis Neurosciences stock. The shares were acquired at an average cost of $22.53 per share, for a total transaction of $22,530.00.

Promis Neurosciences Trading Down 5.6%

PMN opened at $23.40 on Friday. Promis Neurosciences has a 1-year low of $6.27 and a 1-year high of $39.75. The stock’s fifty day simple moving average is $13.17 and its 200 day simple moving average is $11.38. The stock has a market cap of $50.31 million, a PE ratio of -1.23 and a beta of -0.23.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PMN. Citadel Advisors LLC increased its position in Promis Neurosciences by 168.1% during the 3rd quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock worth $72,000 after buying an additional 106,650 shares during the period. Armistice Capital LLC grew its stake 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 acquiring an additional 836,622 shares in the last quarter. Finally, Ally Bridge Group NY LLC increased its position 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 worth $2,649,000 after acquiring an additional 4,899,069 shares during the period. 50.13% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Promis Neurosciences in a research report on Thursday, January 22nd. HC Wainwright reaffirmed a “buy” rating and set a $18.00 target price (up from $4.00) on shares of Promis Neurosciences in a report on Monday, December 1st. Guggenheim decreased their price target 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. Finally, Wall Street Zen cut shares of Promis Neurosciences to a “strong sell” rating in a report on Saturday, February 14th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Promis Neurosciences currently has an average rating of “Moderate Buy” and a consensus price target of $42.67.

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.