Promis Neurosciences (NASDAQ:PMN) Stock: Insider Eugene Williams Buys 26,500 Shares

Promis Neurosciences (NASDAQ:PMN) Director Eugene Williams purchased 26,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 4th. The stock was bought at an average cost of $3.43 per share, for a total transaction of $90,895.00. Following the purchase, the director directly 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

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

Promis Neurosciences Stock Performance

NASDAQ:PMN opened at $4.16 on Friday. The company has a fifty day moving average of $10.14 and a two-hundred day moving average of $12.75. The stock has a market capitalization of $37.32 million, a PE ratio of -0.49 and a beta of -0.19. Promis Neurosciences has a fifty-two week low of $2.78 and a fifty-two week high of $27.40.

Promis Neurosciences (NASDAQ:PMN) last announced its earnings results on Thursday, August 13th. The company reported ($1.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.38) by $0.10. Research analysts forecast that Promis Neurosciences will post -5.07 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Seven Fleet Capital Management LP purchased a new stake in Promis Neurosciences in the first quarter valued at $135,000. Janus Henderson Group PLC acquired a new position in shares of Promis Neurosciences in the 1st quarter worth approximately $16,418,000. Ally Bridge Group NY LLC boosted its position in shares of 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 during the period. Yu Fan purchased a new position in shares of Promis Neurosciences during the 1st quarter worth approximately $4,188,000. Finally, ADAR1 Capital Management LLC purchased a new position in shares of Promis Neurosciences during the 1st quarter worth approximately $1,211,000. 50.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Roth Capital decreased their target price on Promis Neurosciences to $15.00 and set a “buy” rating on the stock in a research report on Monday, November 2nd. Wall Street Zen upgraded Promis Neurosciences from a “strong sell” rating to a “sell” rating in a report on Saturday, July 18th. Guggenheim reiterated 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. HC Wainwright restated a “buy” rating on shares of Promis Neurosciences in a research report on Monday, October 12th. Finally, Weiss Ratings raised shares of Promis Neurosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, November 2nd. One research 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 stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $30.50.

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.