Promis Neurosciences (NASDAQ:PMN) Insider Acquires 10,000 Shares of Stock

Promis Neurosciences (NASDAQ:PMN) insider Neil Cashman bought 10,000 shares of the company’s stock in a transaction dated Monday, November 2nd. The stock was purchased at an average price of $3.86 per share, with a total value of $38,600.00. Following the completion of the transaction, the insider directly owned 14,532 shares in the company, valued at approximately $56,093.52. This represents a 220.65% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Promis Neurosciences Stock Down 9.4%

Shares of Promis Neurosciences stock opened at $3.00 on Tuesday. The company has a 50 day moving average of $11.02 and a 200-day moving average of $12.84. Promis Neurosciences has a 1-year low of $2.78 and a 1-year high of $27.40.

Promis Neurosciences (NASDAQ:PMN) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($1.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.38) by $0.10. As a group, equities analysts forecast that Promis Neurosciences will post -5.07 earnings per share for the current year.

Hedge Funds Weigh In On Promis Neurosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Seven Fleet Capital Management LP acquired a new stake in Promis Neurosciences in the first quarter valued at approximately $135,000. Janus Henderson Group PLC bought a new stake in shares of Promis Neurosciences during the first quarter worth $16,418,000. Ally Bridge Group NY LLC increased its holdings in shares of 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 buying an additional 164,880 shares in the last quarter. Yu Fan acquired a new position in shares of Promis Neurosciences during the first quarter worth $4,188,000. Finally, ADAR1 Capital Management LLC acquired a new position in shares of Promis Neurosciences during the first quarter worth $1,211,000. Institutional investors own 50.13% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on PMN shares. HC Wainwright reaffirmed a “buy” rating on shares of Promis Neurosciences in a report on Monday, October 12th. Guggenheim reissued a “buy” rating and set a $69.00 price target (up from $35.00) on shares of Promis Neurosciences in a report on Tuesday, July 28th. Wall Street Zen upgraded Promis Neurosciences from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 18th. Weiss Ratings raised Promis Neurosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday. Finally, Roth Capital reduced their price objective on Promis Neurosciences to $15.00 and set a “buy” rating on the stock in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $30.50.

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.