Eugene Williams Acquires 1,000 Shares of Promis Neurosciences (NASDAQ:PMN) Stock

Promis Neurosciences (NASDAQ:PMN) Director Eugene Williams purchased 1,000 shares of Promis Neurosciences stock in a transaction dated Monday, March 2nd. The shares were bought at an average price of $22.53 per share, with a total value of $22,530.00. Following the completion of the acquisition, the director directly owned 7,397 shares of the company’s stock, valued at approximately $166,654.41. This 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 hyperlink.

Eugene Williams also recently made the following trade(s):

• On Wednesday, March 4th, Eugene Williams bought 2,000 shares of Promis Neurosciences stock. The stock was acquired at an average cost of $24.00 per share, with a total value of $48,000.00.

Promis Neurosciences Price Performance

Promis Neurosciences stock traded down $0.55 during midday trading on Wednesday, reaching $24.05. 57,201 shares of the company traded hands, compared to its average volume of 51,132. Promis Neurosciences has a 12 month low of $6.27 and a 12 month high of $39.75. The firm has a market capitalization of $51.71 million, a price-to-earnings ratio of -1.27 and a beta of -0.23. The business has a 50 day moving average of $12.52 and a two-hundred day moving average of $11.23.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Guggenheim lowered their price objective on Promis Neurosciences from $125.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Promis Neurosciences in a report on Thursday, January 22nd. Wall Street Zen cut shares of Promis Neurosciences to a “strong sell” rating in a research note on Saturday, February 14th. Finally, HC Wainwright restated a “buy” rating and set a $18.00 price objective (up from $4.00) on shares of Promis Neurosciences in a research report on Monday, December 1st. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.67.

Institutional Trading of Promis Neurosciences

Several hedge funds and other institutional investors have recently bought and sold shares of PMN. Citadel Advisors LLC boosted its holdings in 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 purchasing an additional 106,650 shares during the period. Armistice Capital LLC lifted its holdings in Promis Neurosciences by 39.1% in the third quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock worth $1,264,000 after acquiring an additional 836,622 shares during the last quarter. Finally, Ally Bridge Group NY LLC boosted its stake 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 acquiring an additional 4,899,069 shares during the period. 50.13% of the stock is owned by institutional investors.

About Promis Neurosciences

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.