Insider Buying: Promis Neurosciences (NASDAQ:PMN) Director Buys 1,000 Shares of Stock

Promis Neurosciences (NASDAQ:PMN) Director Eugene Williams acquired 1,000 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The stock was purchased at an average price of $22.53 per share, for a total transaction of $22,530.00. Following the completion of the transaction, the director owned 7,397 shares in the company, valued at $166,654.41. The trade was a 15.63% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Wednesday, March 4th, Eugene Williams purchased 2,000 shares of Promis Neurosciences stock. The shares were acquired at an average price of $24.00 per share, with a total value of $48,000.00.

Promis Neurosciences Stock Down 2.2%

PMN traded down $0.55 during trading on Wednesday, reaching $24.05. The stock had a trading volume of 57,201 shares, compared to its average volume of 51,132. The stock has a 50 day moving average of $12.52 and a two-hundred day moving average of $11.23. The firm has a market capitalization of $51.71 million, a price-to-earnings ratio of -1.27 and a beta of -0.23. Promis Neurosciences has a 1-year low of $6.27 and a 1-year high of $39.75.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PMN. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 price target (up from $4.00) on shares of Promis Neurosciences in a research report on Monday, December 1st. Weiss Ratings restated a “sell (e+)” rating on shares of Promis Neurosciences in a report on Thursday, January 22nd. Guggenheim decreased their target price on Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating for the company in a research report on Friday, February 6th. Finally, Wall Street Zen lowered shares of Promis Neurosciences to a “strong sell” rating in a research report on Saturday, February 14th. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $42.67.

Institutional Trading of Promis Neurosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Citadel Advisors LLC boosted its holdings in Promis Neurosciences by 168.1% in the 3rd quarter. Citadel Advisors LLC now owns 170,079 shares of the company’s stock valued at $72,000 after purchasing an additional 106,650 shares during the period. Armistice Capital LLC raised its position 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. Finally, Ally Bridge Group NY LLC boosted its stake in shares of Promis Neurosciences by 367.1% in 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 buying an additional 4,899,069 shares during the period. 50.13% of the stock is owned by institutional investors.

About Promis Neurosciences

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.