Key Points
- Insider Neil Cashman bought 10,000 shares for $38,600 at an average price of $3.86, increasing his direct ownership by 220.65% to 14,532 shares.
- Promis reported a quarterly loss of $1.28 per share, which was $0.10 better than analysts expected; analysts anticipate a full-year loss of $5.07 per share.
- Analysts’ consensus rating is “Moderate Buy”, with an average price target of $30.50. Hedge funds and other institutional investors own 50.13% of the stock.
Promis Neurosciences (NASDAQ:PMN - Get Free Report) insider Neil Cashman bought 10,000 shares of the business's stock in a transaction on Monday, November 2nd. The stock was bought at an average price of $3.86 per share, for a total transaction of $38,600.00. Following the purchase, the insider directly owned 14,532 shares of the company's stock, valued at $56,093.52. The trade was a 220.65% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.
Promis Neurosciences Trading Up 13.7%
Shares of Promis Neurosciences stock opened at $3.41 on Wednesday. The company has a 50-day simple moving average of $10.79 and a two-hundred day simple moving average of $12.81. Promis Neurosciences has a one year low of $2.78 and a one year high of $27.40.
Promis Neurosciences (NASDAQ:PMN - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported ($1.28) EPS for the quarter, beating the consensus estimate of ($1.38) by $0.10. As a group, sell-side analysts anticipate that Promis Neurosciences will post -5.07 earnings per share for the current year.
Institutional Investors Weigh In On Promis Neurosciences
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC purchased a new stake in Promis Neurosciences in the first quarter valued at about $16,418,000. Yu Fan purchased a new stake in shares of Promis Neurosciences during the first quarter worth about $4,188,000. Ally Bridge Group NY LLC grew its stake 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 acquiring an additional 164,880 shares during the last quarter. ADAR1 Capital Management LLC purchased a new stake in shares of Promis Neurosciences during the first quarter worth about $1,211,000. Finally, Seven Fleet Capital Management LP purchased a new stake in shares of Promis Neurosciences during the first quarter worth about $135,000. 50.13% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
PMN has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of Promis Neurosciences from a "strong sell" rating to a "sell" rating in a research note on Saturday, July 18th. Roth Capital lowered their target price on shares of Promis Neurosciences to $15.00 and set a "buy" rating for the company in a research note on Monday. Weiss Ratings raised shares of Promis Neurosciences from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday. Guggenheim reaffirmed a "buy" rating and issued a $69.00 price target (up from $35.00) on shares of Promis Neurosciences in a report on Tuesday, July 28th. Finally, HC Wainwright reaffirmed a "buy" rating on shares of Promis Neurosciences in a research report on Monday, October 12th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $30.50.
Get Our Latest Stock Analysis on Promis Neurosciences
Promis Neurosciences Company Profile
(
Get Free Report)
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.
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