Insider Buying: Promis Neurosciences (NASDAQ:PMN) Director Purchases $22,530.00 in Stock

Promis Neurosciences (NASDAQ:PMN) Director Eugene Williams purchased 1,000 shares of Promis Neurosciences stock in a transaction that occurred on Monday, March 2nd. The stock was purchased at an average cost of $22.53 per share, for a total transaction of $22,530.00. Following the completion of the purchase, the director owned 7,397 shares of the company’s stock, valued at $166,654.41. This trade represents a 15.63% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.

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

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

Promis Neurosciences Trading Down 5.6%

Shares of PMN stock opened at $23.40 on Friday. Promis Neurosciences has a 12 month low of $6.27 and a 12 month high of $39.75. The stock has a market cap of $50.31 million, a PE ratio of -1.23 and a beta of -0.23. The company’s fifty day moving average price is $13.17 and its 200-day moving average price is $11.38.

Analyst Upgrades and Downgrades

Several research firms recently commented on PMN. HC Wainwright reissued a “buy” rating and set a $18.00 price objective (up from $4.00) on shares of Promis Neurosciences in a research note on Monday, December 1st. Wall Street Zen downgraded shares of Promis Neurosciences to a “strong sell” rating in a research note on Saturday, February 14th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Promis Neurosciences in a report on Thursday, January 22nd. Finally, Guggenheim dropped their price target on Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Promis Neurosciences currently has an average rating of “Moderate Buy” and an average price target of $42.67.

Hedge Funds Weigh In On Promis Neurosciences

Large investors have recently modified their holdings of the stock. Ally Bridge Group NY LLC boosted its stake in Promis Neurosciences by 367.1% in the 3rd quarter. Ally Bridge Group NY LLC now owns 6,233,497 shares of the company’s stock worth $2,649,000 after purchasing an additional 4,899,069 shares in the last quarter. Citadel Advisors LLC increased its stake in 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 purchasing an additional 106,650 shares in the last quarter. Finally, Armistice Capital LLC increased its stake in Promis Neurosciences by 39.1% during the 3rd quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock valued at $1,264,000 after purchasing an additional 836,622 shares in the last quarter. Hedge funds and other institutional investors own 50.13% of the company’s stock.

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.