Key Points
- Major shareholder Abg Management Ltd. acquired 700,741 shares on Feb 3 at an average price of $12.13 per share (≈$8.50M), raising its holding to 943,090 shares — a 289.15% increase.
- Promis Neurosciences is a small, volatile biotech with a market cap of about $28.17 million, a 52‑week range of $6.27–$39.75, and negative recent earnings (last quarter EPS -$6.00 vs. a consensus of -$3.75).
- Market sentiment is mixed: the stock carries a consensus rating of "Moderate Buy" with an average target of $72.67, while multiple analysts and institutional investors have issued both buy and sell views and institutions now own ~50.13% of the shares.
Promis Neurosciences (NASDAQ:PMN - Get Free Report) major shareholder Abg Management Ltd. acquired 700,741 shares of Promis Neurosciences stock in a transaction that occurred on Tuesday, February 3rd. The shares were purchased at an average cost of $12.13 per share, with a total value of $8,499,988.33. Following the completion of the acquisition, the insider owned 943,090 shares of the company's stock, valued at $11,439,681.70. The trade was a 289.15% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.
Promis Neurosciences Stock Performance
Promis Neurosciences stock opened at $13.10 on Friday. Promis Neurosciences has a fifty-two week low of $6.27 and a fifty-two week high of $39.75. The firm has a market capitalization of $28.17 million, a price-to-earnings ratio of -0.69 and a beta of -0.08. The stock's fifty day moving average is $8.95 and its two-hundred day moving average is $11.47.
Promis Neurosciences (NASDAQ:PMN - Get Free Report) last released its quarterly earnings data on Wednesday, November 12th. The company reported ($6.00) EPS for the quarter, missing the consensus estimate of ($3.75) by ($2.25). As a group, sell-side analysts forecast that Promis Neurosciences will post -0.24 EPS for the current fiscal year.
Institutional Investors Weigh In On Promis Neurosciences
A number of institutional investors have recently bought and sold shares of the stock. Armistice Capital LLC grew its stake in shares of 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 buying an additional 836,622 shares during the period. Citadel Advisors LLC grew its position in Promis Neurosciences by 168.1% during the third quarter. Citadel Advisors LLC now owns 170,079 shares of the company's stock valued at $72,000 after acquiring an additional 106,650 shares during the period. Finally, Ally Bridge Group NY LLC raised its holdings in shares of 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 during the period. 50.13% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several research firms have weighed in on PMN. HC Wainwright reissued a "buy" rating and set a $18.00 price target (up previously from $4.00) on shares of Promis Neurosciences in a research report on Monday, December 1st. Wall Street Zen cut Promis Neurosciences to a "strong sell" rating in a research report on Saturday, November 29th. Guggenheim cut their target price on shares of Promis Neurosciences from $150.00 to $125.00 and set a "buy" rating for the company in a research note on Tuesday, November 18th. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Promis Neurosciences in a research note on Thursday, January 22nd. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $72.67.
Get Our Latest Analysis on PMN
Promis Neurosciences Company Profile
(
Get Free Report)
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.
Recommended Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
