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

Promis Neurosciences (NASDAQ:PMN) insider Neil Cashman purchased 10,000 shares of the stock in a transaction on Monday, November 2nd. The stock was bought at an average cost of $3.86 per share, for a total transaction of $38,600.00. Following the completion of the acquisition, the insider owned 14,532 shares in the company, valued at approximately $56,093.52. This trade represents a 220.65% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Promis Neurosciences Stock Performance

Shares of NASDAQ:PMN opened at $3.00 on Tuesday. Promis Neurosciences has a 12-month low of $2.78 and a 12-month high of $27.40. The business has a 50 day moving average of $11.02 and a 200-day moving average of $12.84.

Promis Neurosciences (NASDAQ:PMN) last announced its earnings results on Thursday, August 13th. The company reported ($1.28) earnings per share for the quarter, topping 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.

Institutional Investors Weigh In On Promis Neurosciences

A number of large investors have recently added to or reduced their stakes in the stock. Seven Fleet Capital Management LP bought a new position in Promis Neurosciences during the 1st quarter worth $135,000. ADAR1 Capital Management LLC acquired a new stake in shares of Promis Neurosciences during the 1st quarter worth $1,211,000. Yu Fan acquired a new stake in shares of Promis Neurosciences during the 1st quarter worth $4,188,000. Ally Bridge Group NY LLC grew its holdings 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 in the last quarter. Finally, Janus Henderson Group PLC bought a new position in shares of Promis Neurosciences in the first quarter worth $16,418,000. Institutional investors and hedge funds own 50.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PMN shares. Roth Capital lowered their price objective on Promis Neurosciences to $15.00 and set a “buy” rating on the stock in a research report on Monday. Weiss Ratings raised shares of Promis Neurosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. Guggenheim restated a “buy” rating and issued a $69.00 price target (up from $35.00) on shares of Promis Neurosciences in a research note on Tuesday, July 28th. Chardan Capital set a $20.00 price target on shares of Promis Neurosciences and gave the stock a “buy” rating in a research report on Monday, July 27th. Finally, Wall Street Zen raised shares of Promis Neurosciences from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 18th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $30.50.

Promis Neurosciences Company Profile

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.