Promis Neurosciences (NASDAQ:PMN) Stock: Insider Eugene Williams Acquires 26,500 Shares

Promis Neurosciences (NASDAQ:PMN) Director Eugene Williams acquired 26,500 shares of the business’s stock in a transaction on Wednesday, November 4th. The shares were bought at an average cost of $3.43 per share, for a total transaction of $90,895.00. Following the acquisition, the director owned 40,213 shares of the company’s stock, valued at $137,930.59. This represents a 193.25% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Friday, October 30th, Eugene Williams acquired 1,316 shares of Promis Neurosciences stock. The shares were bought at an average price of $3.99 per share, with a total value of $5,250.84.

Promis Neurosciences Stock Performance

NASDAQ PMN opened at $3.65 on Friday. Promis Neurosciences has a 1 year low of $2.78 and a 1 year high of $27.40. The company has a fifty day moving average of $10.34 and a two-hundred day moving average of $12.77.

Promis Neurosciences (NASDAQ:PMN) last announced its earnings results on Thursday, August 13th. The company reported ($1.28) EPS for the quarter, beating analysts’ consensus estimates of ($1.38) by $0.10. As a group, analysts predict that Promis Neurosciences will post -5.07 EPS for the current year.

Analyst Upgrades and Downgrades

PMN has been the topic of several recent analyst reports. Chardan Capital set a $20.00 target price on Promis Neurosciences and gave the stock a “buy” rating in a research report on Monday, July 27th. Guggenheim reissued a “buy” rating and issued a $69.00 price target (up from $35.00) on shares of Promis Neurosciences in a report on Tuesday, July 28th. HC Wainwright restated a “buy” rating on shares of Promis Neurosciences in a research note on Monday, October 12th. Roth Capital dropped their price objective on Promis Neurosciences to $15.00 and set a “buy” rating on the stock in a report on Monday. Finally, Weiss Ratings upgraded Promis Neurosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.50.

Institutional Investors Weigh In On Promis Neurosciences

Hedge funds and other institutional investors have recently modified their holdings of the stock. Ally Bridge Group NY LLC boosted its position in Promis Neurosciences by 66.1% during the first quarter. Ally Bridge Group NY LLC now owns 414,219 shares of the company’s stock worth $5,261,000 after purchasing an additional 164,880 shares in the last quarter. Yu Fan acquired a new stake in Promis Neurosciences in the first quarter valued at $4,188,000. Janus Henderson Group PLC purchased a new position in shares of Promis Neurosciences in the first quarter valued at $16,418,000. ADAR1 Capital Management LLC purchased a new position in shares of Promis Neurosciences in the first quarter valued at $1,211,000. Finally, Seven Fleet Capital Management LP purchased a new position in shares of Promis Neurosciences in the first quarter valued at $135,000. 50.13% of the stock is currently owned by institutional investors and hedge funds.

Promis Neurosciences Company Profile

ProMIS Neurosciences Inc (NASDAQ: PMN) is a clinical-stage biotechnology company developing precision medicines for neurodegenerative diseases. The company’s research focuses on misfolded proteins, which can form toxic structures associated with conditions such as Alzheimer’s disease, amyotrophic lateral sclerosis and other neurological disorders.

ProMIS uses its proprietary target-discovery platform to identify disease-specific toxic protein conformations and develop antibodies intended to selectively bind and neutralize them while avoiding healthy forms of the same proteins.