Promis Neurosciences (NASDAQ:PMN) Major Shareholder Abg Management Ltd. Buys 700,741 Shares

Promis Neurosciences (NASDAQ:PMN) major shareholder Abg Management Ltd. acquired 700,741 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The stock was bought at an average price of $12.13 per share, with a total value of $8,499,988.33. Following the purchase, the insider directly owned 943,090 shares of the company’s stock, valued at $11,439,681.70. This represents a 289.15% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Promis Neurosciences Stock Performance

Promis Neurosciences stock opened at $13.10 on Friday. The company has a market capitalization of $28.17 million, a P/E ratio of -0.69 and a beta of -0.08. Promis Neurosciences has a fifty-two week low of $6.27 and a fifty-two week high of $39.75. The stock has a 50-day simple moving average of $8.95 and a 200-day simple moving average of $11.47.

Promis Neurosciences (NASDAQ:PMN) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($6.00) EPS for the quarter, missing the consensus estimate of ($3.75) by ($2.25). As a group, analysts forecast that Promis Neurosciences will post -0.24 earnings per share for the current year.

Institutional Trading of Promis Neurosciences

A number of institutional investors have recently modified their holdings of PMN. Armistice Capital LLC boosted its position in shares of Promis Neurosciences by 39.1% during the 3rd quarter. Armistice Capital LLC now owns 2,974,518 shares of the company’s stock worth $1,264,000 after purchasing an additional 836,622 shares in the last quarter. Citadel Advisors LLC lifted 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 valued at $72,000 after purchasing an additional 106,650 shares during the period. Finally, Ally Bridge Group NY LLC boosted its holdings in Promis Neurosciences by 367.1% during the third quarter. Ally Bridge Group NY LLC now owns 6,233,497 shares of the company’s stock worth $2,649,000 after buying an additional 4,899,069 shares in the last quarter. 50.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Wall Street Zen lowered shares of Promis Neurosciences to a “strong sell” rating in a research note on Saturday, November 29th. Guggenheim lowered their price target on Promis Neurosciences from $150.00 to $125.00 and set a “buy” rating on the stock in a report on Tuesday, November 18th. HC Wainwright reaffirmed a “buy” rating and set a $18.00 price objective (up from $4.00) on shares of Promis Neurosciences in a research note on Monday, December 1st. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Promis Neurosciences in a research note on Thursday, January 22nd. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $72.67.

Promis Neurosciences Company Profile

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.