Insider Buying: Promis Neurosciences (NASDAQ:PMN) Director Acquires 26,500 Shares of Company Stock

Promis Neurosciences (NASDAQ:PMN) Director Eugene Williams acquired 26,500 shares of Promis Neurosciences stock in a transaction that occurred on Wednesday, November 4th. The stock was bought at an average price of $3.43 per share, for a total transaction of $90,895.00. Following the completion of the acquisition, the director owned 40,213 shares in the company, valued at $137,930.59. This trade represents a 193.25% increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

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

• On Friday, October 30th, Eugene Williams bought 1,316 shares of Promis Neurosciences stock. The stock was bought at an average cost of $3.99 per share, for a total transaction of $5,250.84.

Promis Neurosciences Stock Up 3.7%

Shares of PMN stock opened at $3.65 on Friday. Promis Neurosciences has a 1-year low of $2.78 and a 1-year high of $27.40. The company has a 50-day moving average of $10.34 and a two-hundred day moving average of $12.77.

Promis Neurosciences (NASDAQ:PMN) last released its quarterly earnings results 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, analysts expect that Promis Neurosciences will post -5.07 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Guggenheim reissued a “buy” rating and set a $69.00 price target (up from $35.00) on shares of Promis Neurosciences in a research report on Tuesday, July 28th. Chardan Capital set a $20.00 price objective on shares of Promis Neurosciences and gave the company a “buy” rating in a report on Monday, July 27th. HC Wainwright reaffirmed a “buy” rating on shares of Promis Neurosciences in a research note on Monday, October 12th. Roth Capital reduced their target price on shares of Promis Neurosciences to $15.00 and set a “buy” rating on the stock in a report on Monday. Finally, Weiss Ratings raised shares of Promis Neurosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Promis Neurosciences has a consensus rating of “Moderate Buy” and an average target price of $30.50.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Seven Fleet Capital Management LP acquired a new position in shares of Promis Neurosciences during the first quarter worth $135,000. Janus Henderson Group PLC acquired a new stake in Promis Neurosciences in the first quarter valued at $16,418,000. Ally Bridge Group NY LLC lifted its holdings 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 buying an additional 164,880 shares during the last quarter. Yu Fan purchased a new stake in Promis Neurosciences during the 1st quarter worth about $4,188,000. Finally, ADAR1 Capital Management LLC acquired a new position in shares of Promis Neurosciences during the 1st quarter worth about $1,211,000. Hedge funds and other institutional investors own 50.13% of the company’s stock.

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.