Key Points
- Eugene Williams, a Promis Neurosciences director, bought 1,000 shares on March 2 at $22.53 and 2,000 shares on March 4 at $24, a combined $70,530 in recent insider purchases, and held 7,397 shares after the March 2 transaction.
- Shares rose 10.2% to $26.50 on the news; the stock trades well above its 50- and 200-day moving averages ($12.52 and $11.23), has a market cap of about $57 million and a negative P/E, and analysts are mixed though MarketBeat shows a consensus Moderate Buy with a $42.67 target.
Promis Neurosciences (NASDAQ:PMN - Get Free Report) Director Eugene Williams acquired 1,000 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was acquired at an average cost of $22.53 per share, with a total value 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 document filed with the Securities & Exchange Commission, which can be accessed through this link.
Eugene Williams also recently made the following trade(s):
- On Wednesday, March 4th, Eugene Williams bought 2,000 shares of Promis Neurosciences stock. The shares were acquired at an average cost of $24.00 per share, for a total transaction of $48,000.00.
Promis Neurosciences Trading Up 10.2%
Shares of PMN traded up $2.45 during mid-day trading on Thursday, hitting $26.50. The company's stock had a trading volume of 57,184 shares, compared to its average volume of 229,774. The company's 50-day moving average is $12.52 and its 200-day moving average is $11.23. Promis Neurosciences has a 52-week low of $6.27 and a 52-week high of $39.75. The firm has a market capitalization of $56.98 million, a price-to-earnings ratio of -1.39 and a beta of -0.23.
Analyst Upgrades and Downgrades
Several research analysts have recently commented on the company. Guggenheim reduced 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. HC Wainwright reiterated a "buy" rating and issued a $18.00 target price (up from $4.00) on shares of Promis Neurosciences in a report on Monday, December 1st. Weiss Ratings restated a "sell (e+)" rating on shares of Promis Neurosciences in a report on Thursday, January 22nd. Finally, Wall Street Zen cut shares of Promis Neurosciences to a "strong sell" rating in a research report on Saturday, February 14th. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $42.67.
Check Out Our Latest Stock Report on Promis Neurosciences
Institutional Trading of Promis Neurosciences
Several institutional investors and hedge funds have recently bought and sold shares of the business. Citadel Advisors LLC increased its stake 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 worth $72,000 after acquiring an additional 106,650 shares during the period. Armistice Capital LLC lifted its position in Promis Neurosciences by 39.1% during the third 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 during the period. Finally, Ally Bridge Group NY LLC boosted its holdings in 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 last quarter. 50.13% of the stock is currently owned by institutional investors and hedge funds.
About Promis Neurosciences
(
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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