Insider Buying: Promis Neurosciences (NASDAQ:PMN) Insider Acquires $38,600.00 in Stock

Promis Neurosciences (NASDAQ:PMN) insider Neil Cashman bought 10,000 shares of the business’s stock in a transaction on Monday, November 2nd. The stock was acquired at an average cost of $3.86 per share, for a total transaction of $38,600.00. Following the acquisition, 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 filing with the SEC, which is available at this hyperlink.

Promis Neurosciences Stock Up 3.7%

NASDAQ:PMN opened at $3.65 on Friday. The stock has a 50 day moving average of $10.34 and a 200-day moving average of $12.77. Promis Neurosciences has a 52 week low of $2.78 and a 52 week high of $27.40.

Promis Neurosciences (NASDAQ:PMN) last released its quarterly earnings data on Thursday, August 13th. The company reported ($1.28) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Weiss Ratings upgraded shares of Promis Neurosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. HC Wainwright reiterated a “buy” rating on shares of Promis Neurosciences in a report on Monday, October 12th. Roth Capital lowered their price objective on shares of Promis Neurosciences to $15.00 and set a “buy” rating on the stock in a research note on Monday. Chardan Capital set a $20.00 target price on Promis Neurosciences and gave the stock a “buy” rating in a report on Monday, July 27th. Finally, Guggenheim restated a “buy” rating and issued a $69.00 target price (up from $35.00) on shares of Promis Neurosciences in a research report on Tuesday, July 28th. One 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, Promis Neurosciences currently has a consensus rating of “Moderate Buy” and an average price target of $30.50.

Institutional Trading of Promis Neurosciences

A number of hedge funds have recently bought and sold shares of PMN. Janus Henderson Group PLC purchased a new stake in shares of Promis Neurosciences in the 1st quarter valued at approximately $16,418,000. Ally Bridge Group NY LLC grew its position in Promis Neurosciences by 66.1% during the 1st quarter. Ally Bridge Group NY LLC now owns 414,219 shares of the company’s stock worth $5,261,000 after purchasing an additional 164,880 shares in the last quarter. Yu Fan purchased a new position in Promis Neurosciences during the 1st quarter worth approximately $4,188,000. ADAR1 Capital Management LLC acquired a new stake in Promis Neurosciences during the 1st quarter valued at $1,211,000. Finally, Seven Fleet Capital Management LP acquired a new stake in Promis Neurosciences during the 1st quarter valued at $135,000. 50.13% of the stock is owned by hedge funds and other institutional investors.

About Promis Neurosciences

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.