Key Points
- Insider purchase: Johanne Kaplan bought 1,629 shares at $15.35 on Feb. 19 for $25,005.15, increasing her ownership to 3,941 shares (a 70.46% rise) per an SEC filing.
- Analyst sentiment is mixed: three analysts rate PMN a Buy and one a Sell, with a MarketBeat average rating of "Moderate Buy" and an average target price of $42.67 despite recent target revisions.
- Institutional ownership is substantial: hedge funds and institutional investors hold 50.13% of the company, with large stake increases by Armistice Capital, Ally Bridge Group and Citadel reported recently.
Promis Neurosciences (NASDAQ:PMN - Get Free Report) insider Johanne Kaplan acquired 1,629 shares of the firm's stock in a transaction on Thursday, February 19th. The shares were bought at an average cost of $15.35 per share, for a total transaction of $25,005.15. Following the completion of the acquisition, the insider owned 3,941 shares of the company's stock, valued at approximately $60,494.35. This represents a 70.46% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.
Promis Neurosciences Stock Down 1.9%
Shares of NASDAQ PMN opened at $15.79 on Tuesday. The firm has a market cap of $33.95 million, a price-to-earnings ratio of -0.83 and a beta of -0.08. The company's 50-day simple moving average is $10.64 and its 200-day simple moving average is $10.90. Promis Neurosciences has a 52-week low of $6.27 and a 52-week high of $39.75.
Hedge Funds Weigh In On Promis Neurosciences
A number of institutional investors have recently added to or reduced their stakes in PMN. Armistice Capital LLC grew its holdings in Promis Neurosciences by 39.1% in 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 in the last quarter. Citadel Advisors LLC grew its holdings in shares of Promis Neurosciences by 168.1% in the third 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. Finally, Ally Bridge Group NY LLC grew its holdings 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 purchasing an additional 4,899,069 shares during the period. Hedge funds and other institutional investors own 50.13% of the company's stock.
Analysts Set New Price Targets
A number of equities analysts have commented on the company. HC Wainwright reissued a "buy" rating and set a $18.00 target price (up previously from $4.00) on shares of Promis Neurosciences in a report on Monday, December 1st. Guggenheim dropped their price target 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. Weiss Ratings reissued a "sell (e+)" rating on shares of Promis Neurosciences in a research note on Thursday, January 22nd. Finally, Wall Street Zen cut shares of Promis Neurosciences to a "strong sell" rating in a research note on Saturday, February 14th. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Promis Neurosciences presently has an average rating of "Moderate Buy" and an average target price of $42.67.
View Our Latest Research Report 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.
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